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Consunjis buy more DMCI shares at a slight premium

Posted on September 13, 2011 09:28:10 PM [ BusinessWorld Online ]

A CONSUNJI-LED unit has hiked its stake in DMCI Holdings, Inc., paying a slight premium over the stocks’ market value.

DFC Holdings, Inc., which had earlier held 17.37% of DMCI Holdings as of end-June, acquired 5,000 more shares at P39.95 apiece on Sept.7, a disclosure filed with the local bourse showed.

The transaction totaled P199,750 according to the filing.

The purchase cost was slightly higher than the P39.90 closing price that day.

DFC Holdings was incorporated by DMCI Holdings President Isidro A. Consunji and Cristina C. Gotianun, among others, to buy and sell assets.

DMCI Holdings has so far notched P5.3 billion in net income for the first half, up 26% from year-ago levels.

Revenues from January to July rose 18.63% to P26.215 billion from the same period last year, with a bulk coming from the conglomerate’s coal business.

Cost of sales, meanwhile, rose by just 5.47% to P16.180 billion.

The firm attributed first-half growth to its coal and nickel mining segments along with real estate and utility units which offset a slight dip in general construction revenues according to earlier reports.

DMCI Holdings’ interests range from general construction services, real estate sales and development, heavy fabrication, industrial construction and engineering services, and mining exploration and development.

Shares in DMCI Holdings slipped by 0.5% to P38.90 apiece at yesterday’s trading close.

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