In a document submitted to the Philippine Stock Exchange, a dormant mining company called Baguio Gold Holdings Corp revealed that one of its major stockholders, another company called Trustmark Holdings Corp, has been recently bought out by the group of Lucio Tan.
Tan acquired the entire outstanding capital stock of Trustmark for Ps25 million consisting of 25 millions shares at Ps1.00 each. Tan paid no premium over Trustmarks book value.
In turn, Trustmark owns about 69% of Baguio Gold having subscribed to 275,712,545 shares. Of these, 200 million shares emanated from the recapitalization exercise approved by the Philippine Securities and Exchange Commission SEC on October 2, 2000.
Among those listed as new board...
