Bright Kindle Resources & Investments Inc. is acquiring a magnetite mining firm.
The company said its unit Brightstar Holdings and Development Inc. is acquiring Strong Built (Mining) Development Corp. for up to P5 billion worth shares.
Strong Built operates in Dulag, Mayorga, MacArthur, Javier and Abuyog in Leyte.
Bright Kindle said as part of the asset-for-shares swap, it plans to increase its capitalization to P7 billion, made up of 70 billion shares with a par value of P0.10 per share from the current P1.1 billion, divided into 2 billion common shares at a par value of P0.55.
The Philippine Stock Exchange has imposed an indefinite trading halt on Bright Kindle, the listed holding company controlled by the Romualdez family pending the release of additional details on the transaction.
