In a Letter of Intent (LOI) dated December 29, 2021, Razon-led Prime Strategic Holdings, Inc. (PSHI) submitted a letter to Apex Mining Co., Inc. (APX) announcing for shares of APX at PhP1.30 per share. The tender offer will cover all outstanding common shares of APX held by the public or minority shareholders of APX.
As of the date of the LOI, PSHI holds 2,511,329,207 common shares or 40.32% of all outstanding shares of APX. PSHI also indirectly owns an additional 14.43% of APX through its 98.00% ownership of both Lakeland Village Holdings, Inc. (LVHI) and Devoncourt Estates, Inc. (DEI).
Monte Oro Resources & Energy, Inc. (MOREI) also holds 555,133,447 common shares or 8.91% of all outstanding shares of APX.
PSHI is an investment holding company led by International Container Terminal Services, Inc. (ICTSI) chairman Enrique K. Razon, Jr. More recently, the company has made larger investments in infrastructure.
APX, incorporated on February 26, 1970, is primarily engaged in the business of mining ores, metals, and minerals. Its operations are mainly situated in Maco, Davao de Oro.
Neat's Finance 