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Anscor sells stake in wire, cable unit for P641M
Publicly-listed holding firm A. Soriano Corp. said Tuesday it has sold an 18.34-percent stake in Phelps Dodge Philippines Inc. to Canada-based General Cable Corp. for P641.49 million.
In a disclosure to the Philippine Stock Exchange, Anscor said it signed a deed of assignment covering the sale of 1.081 million shares in PDPI to General Cable, a New York-listed global supplier of wire and cable products catering to energy, industrial and communications markets.
PDPI is a joint venture established in 1995 by Anscor and Phelps Dodge International Corp., a company that General Cable acquired in the fourth quarter of 2007.
The sale increases General Cable's interest in PDPI to 60 percent from 40 percent. The remaining stake is owned by Anscor.
With revenues of about $100 million last year, PDPI operates one of the largest wire and cable manufacturing facilities in the Philippines. The majority stake acquisition is in line with General Cable's planned expansion in Southeast Asia and other markets. It also supports its operations in Australia, the Middle East and South Africa.
"We are pleased that General Cable will make PDPI a key part of its platform to further its strategic expansion in the region," said Anscor chairman Andres Soriano III.
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