Atlas to acquire Singapore-based firm's stake in Carmen Copper

Listed Atlas Consolidated Mining and Development Corp. is set to acquire the entire stake in Carmen Copper Corp. held by a Singapore-based firm. In a statement to the Philippine Stock Exchange on Friday Atlas said its board of directors approved the purchase of 45.54 percent of Carmen Copper held by Singapore-based CASOP Atlas Corp. and CASOP Atlas B.V. for a cash consideration of $368 million. The acquisition will make Carmen Copper a 100-percent owned subsidiary of Atlas. "Atlas intends to raise $390 million in funds to finance the acquisition and to provide general working capital requirements of (Carmen Copper) through the issuance of a combination of debt and equity securities," Atlas said. The company has appointed BDO capital and Investment Corp. and Evercore Partners as financial advisers and arrangers of the capital raising. In April, Atlas officials said they expected Carmen Copper, an unlisted company, to have posted a net income of P1 billion in the first quarter of the year. Carmen Copper’s shipments rose by 60 percent to 58.7 million pounds in 2010, nearly doubling the 36.6 million pounds of shipments in 2009. Owing to this, Carmen Copper’s revenues jumped 96 percent to P8.851 billion from P4.519 billion. -- CMA/OMG, GMA News