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Philippines' Philex sells 20.2 pct stake to First Pacific
MANILA, Oct 3 - Philex Mining Corp <PX.PS>, the Philippines' biggest mining firm, said on Friday it had signed a deal to sell a 20.16 percent stake in the company to Hong Kong-based First Pacific Co Ltd <0142.HK> for 6.165 billion pesos .
The purchase price of 7.92 pesos per share represents a 10 percent premium over Philex's closing price on Thursday of 7.20 pesos.
Philex told Manila's stock exchange that the acquisition by First Pacific, a major shareholder in dominant carrier Philippine Long Distance Telephone Co <TEL.PS>, will be done in two tranches.
An initial 10.08 percent stake will be acquired on Oct. 13 and the remaining 10.08 percent on Nov. 30, it said.
Philex last week said it was buying out partner Anglo American Plc <AAL.L> <AGLJ.J> in the Boyongan gold and copper mining project in southern Philippines for $55 million.
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