Trillionaire Enrique K. Razon Jr., through Prime Strategic Holdings Inc. (PSHI), has expanded his majority stake in Apex Mining Co. Inc. to 67 percent after acquiring shares worth ₱1.68 billion from its former controlling shareholder.

In a disclosure to the Philippine Stock Exchange (PSE) on Monday, July 6, Apex said PSHI bought 117.81 million of the mining firm’s shares through a cross transaction at the bourse from Mapula Creek Gold Corp. (Mapula) at ₱14.25 apiece, equivalent to a 1.89-percent equity interest.

The acquisition brings PSHI’s stake in Apex to 4.17 billion shares, consisting of a 50.68-percent stake held through the Philippine Central Depository, 7.62 percent through subsidiary Lakeland Village Holdings Inc., and 6.81 percent through Devoncourt Estates Inc.

Late last June, Razon Group’s security chief and Apex Director Michael Ray Aquino also increased his shareholdings in the gold mining firm to 759,000 shares with the purchase of 17,000 shares from the market at prices ranging from ₱15.30 to ₱15.48 per share.

In 2005, Crew Gold Corp., a Canadian company, and Mapula, its associated Philippine company, acquired 28 percent and 45 percent of Apex shares, respectively, from the Puyat group.

In 2006, Crew Gold organized Teresa Crew Gold Philippines Inc. (Teresa) as a subsidiary to support the rehabilitation of Apex’s mining properties and the refurbishment of Maco mine’s processing plant.

In October 2009, Crew Gold sold its holdings in Teresa and Mapula to Mindanao Gold Ltd., a special purpose company owned by Abracadabra Speculative Ventures Inc. (ASVI) of Malaysia.

In November 2011, Razon’s Monte Oro Resources & Energy Inc. (MOREI) acquired an initial five-percent ownership in Apex, the proceeds of which were used for capital expenditures (capex) for the existing mine and mill and for the exploration drilling program of the Maco mine properties.

In December 2011, the Securities and Exchange Commission (SEC) approved the merger of Teresa and Apex, with Apex as the surviving entity effective Jan. 1, 2012.

In October 2013, MOREI management was voted by the stockholders to take over management of Apex’s operations. In April 2014, MOREI acquired substantial ownership in Apex held by Mapula. At this point, MOREI became the significant shareholder, controlling 46.5 percent of Apex.

In October 2014, the parent company acquired 100-percent ownership of MOREI, and PSHI and other MOREI shareholders used the proceeds from the sale of their shares in MOREI to subscribe to new shares in Apex, diluting the shareholdings of Mindanao Gold and Mapula to a small minority.

In March 2022, PSHI completed a mandatory tender offer after acquiring the controlling interests of Devoncourt Estates and Lakeland Village Holdings, which had collectively held 14.43 percent of Apex shares, bringing its total direct and indirect shareholdings in Apex to 54.75 percent.