Investment holding company Bright Kindle Resources & Investments Inc. said Wednesday it subsidiary, Brightstar Holdings and Development Inc., will acquire Strong Built (Mining) Development Corp. in a transaction valued at P5 billion.
Brightstar Holdings will issue new common shares and assets to shareholders of Strong Built, which mines magnetite sand in mining claims in several towns of Leyte.
Bright Kindle’s unit will increase its authorized capital stock up to P7 billion, divided into 70 billion shares with a par value of P0.10. The capital increase will have to be approved by shareholders.
Meantime, Bright Kindle is still awaiting the approval of the Securities and Exchange Commission on the valuation for the property for shares swap where its condominium properties were exchanged for Brightstar Holdings shares.
Once approved, Bright Kindle will implement the declaration of property dividend valued at P50.9 million. The property dividend declaration will facilitate the exchange of shares at ratio of one Brightstar Holdings common share for every three common shares of Bright Kindle.
