Eagle Cement Corp is fully acquired Solid North Mineral Corp. (SNMC) through a share purchase agreement for a total consideration of P3.572 billion, which is less than 10 percent of the corporation’s book value. The amount also represents 7.19 percent of the corporation’s total assets of P49.66 billion based on 2020 audited financial statements. BPI Capital Corporation has been engaged as the independent valuation firm to conduct the valuation services and the preparation of an independent valuation report on the subject asset with respect to the proposed transaction.
SNMC is owned by the Corporation’s parent company, Far East Holdings Inc. (34.51 percent) and its chair, Ramon S. Ang (65.49 percent). SNMC was issued a Certificate of Incorporation by the Securities and Exchange Commission on 19 July 1995. It is primarily engaged in mining of metallic and non-metallic resources, exploration, quarrying activities and processing of limestone.
SNMC is a holder of a Mineral Production Sharing Agreement. lt has a Limestone Pulverizing Plant located in Barangay. Akle, San Ildefonso, Bulacan.