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Article: Philippines: GSIS buying Philex shares.
- Article from:
- TendersInfo
- Article date:
- November 4, 2009
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Byline: babalu03
THE GOVERNMENT SERVICE Insurance System (GSIS) has been buying shares of Philex Mining Corp. with an eye on accumulating enough stocks to gain representation in the company s board of directors.
According to a source familiar with the transaction, no less than GSIS president and general manager Winston Garcia has expressed interest in building up a strategic stake in Philex, the country s biggest mining firm.
GSIS wants to build up its position in the company, especially now that many business groups are interested in Philex again, said the official, who declined to be named because he was not authorized to speak on the issue.