Anscor loses majority stake in cable and wire manufacturing unit

MANILA, Philippines- A. Soriano Corp. (Anscor), the holding company of the Soriano family, on Tuesday announced that it sold a portion of its stake in Phelps Dodge Philippines Inc., "the largest wire and cable manufacturer in the Philippines". In a statement to the Philippine Stock Exchange, Anscor said it sold about 1,081,900 shares, representing 18.34-percent stock, in Phelps Dodge to Canadian firm General Cable Company for P641.49 million. The sale is seen to pave the way for General Cable's further expansion in the Philippine market and the Southeast Asian region. Phelps Dodge was a joint venture between Anscor and General Cable established in 1995. With the sale, General Cable now owns 60 percent of Phelps Dodge and the rest owned by Anscor. Despite losing the majority stake in Phelps Dodge, Anscor, however, said it will continue to manage the company. "With its majority stake acquisition, General Cable plans to further expand the domestic operations of Phelps Dodge as well as make Phelps Dodge an integral part of its growth strategy in Southeast Asia and other markets," Anscor said. In a separate statement, General Cable said Phelps Dodge can further penetrate other sectors in the local wire and cable market with the sharing of new products and technology that General Cable will provide. In 2006 Anscor has also disposed of its 23-percent stake in port operator International Container Terminal Services Inc. to shipping and publishing magnate Enrique Razon Jr. for P5.91 billion and shares in SPI Technologies for P359.3 million. Early this year Anscor announced that its American company, Medtivia Inc., bought two placement firms, Cirrus Holdings USA LLC and affiliate Cirrus Medical Staffing LLC, for $13.95 million. Other business interests of Anscor include contact center operator eTelecare Global Solutions Inc., International Quality Manpower Services Inc., and Seven Seas Resort which operates the exclusive Amanpulo Resort in Palawan. GMANews.tv