Philippines' Philex Sells 20.2% stake to First Pacific

Philex Mining Corp, the Philippines' biggest mining firm, said on Friday it had signed a deal to sell a 20.16% stake in the company to Hong Kong-based First Pacific Co Ltd for 6.165 billion pesos ($131m).

The purchase price of 7.92 pesos per share represents a 10% 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, will be done in two tranches.

An initial 10.08% stake will be acquired on 13 October and the remaining 10.08% on 30 November, it said.

Philex last week said it was buying out partner Anglo American Plc in the Boyongan gold and copper mining project in southern Philippines for $55m. ($1=47.04 pesos)

by Manolo Serapio Jr.; editing by Lincoln Feast