New York investment bank buys ‘block of stock’ in PH mining firm

A New York-based global brokerage and investment bank announced that it bought a “block of stock” in Abacore Capital Holdings Inc. citing the Philippine mining company’s undervalued stock price amid robust expansion and future growth potential.

The investment to ABA was made due to several factors, such as ABA’s robust expansion plans that will increase the company’s bottom line and boost shareholders’ return on their investments. Auerback Grayson also cited ABA’s stock has more room for growth due to the stock price being undervalued relative to its book value.

So far, in 2022, ABA is pursuing ventures with various business partners across a range of sectors. In mining, the company signed a coal exploration agreement with Oriental Vision Mining Philippines Inc. . Under this agreement, ORVI will conduct exploration work on three coal blocks ABA owns in the province of Surigao del Sur.

In relation to this, the company sold land to a subsidiary of A. Brown & Company for the development of a liquefied natural gas facility.

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Source: YahooPH - 🏆 22. / 51 Read more »