The Roberto Ongpin-Ashmore Group is seeking to acquire a controlling stake in mining firm Atok-Big Wedge Company Inc. with a planned investment of about P60 million and use it for investments in mining as well as oil and gas exploration.

In a disclosure to the Philippine Stock Exchange (PSE) Monday, Atok-Big Wedge said it has received a firm proposal from Boerstar Corporation for its entry as the controlling investor in the mining firm.

Boerstar is a local firm with significant investments in Philweb Corporation, ISM Communications Corporation, Philex Mining Corporation, and Alphaland Corporation. It is owned and controlled by Ongpin and Eric Recto who represent the Ashmore group in the Philippines.

Boerstar will subscribe to all unissued shares of Atok-Big Wedge at the par value of one peso per share and then make a tender offer for all issued and outstanding shares of the mining firm at the same price.

Atok has an authorized capital of 60 million shareds of which 34.78 million are unissued and a total of 25.22 million shares issued and outstanding.

Boerstar will subscribe to the 34.78 million unissued shares equivalent to 57.97 percent of Atok by infusing P34.78 million and will invest up to an additional P25.22 million in the event that all other shareholders accept the tender offer.

Atok said it has been advised that its existing shareholders have agreed to tender a minimum of 13.4 million shares and this will assure Boerstar of at least an 80 percent controlling stake in the company.

The agreements are currently being reviewed by the respective counsels of each party and are expected to be finalized and signed soon, Atok said. It added that Boerstar has presented its plan to use Atok for several investments which they are presently evaluating and which will take effect after the completion of its acquisition of a majority stake in Atok.

Since Atok is now a holding company with investments in mining interests, part of the plan is the additional investmet by Atok in other mining assets as well as investments in oil and gas assets.

Earlier, Philex had disclosed of plans to spin off its oil and gas investments to maximize shareholder value.