C09026-2019 |
Title of Each Class | Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding | |
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Common | 79,087,499 |
The Exchange does not warrant and holds no responsibility for the veracity of the facts and representations contained in all corporate disclosures, including financial reports. All data contained herein are prepared and submitted by the disclosing party to the Exchange, and are disseminated solely for purposes of information. Any questions on the data contained herein should be addressed directly to the Corporate Information Officer of the disclosing party.
Subject of the Disclosure |
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The Board approved the sale of the land consisting of 20,534 square meters located at Barangay Matain, Subic, Zambales. |
Background/Description of the Disclosure |
The land used to be the site of copper ccncentrates storage facility and loading out pier. |
Date of Approval by Board of Directors |
Dec 24, 2019 |
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Rationale for the transaction including the benefits which are expected to be accrued to the Issuer as a result of the transaction | |
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To improve the cash position and equity of the Company. |
Date | Dec 24, 2019 |
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Description of the Transaction |
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Sale of the land consisting of 20,534 square meters located at Barangay Matain, Subic, Zambales. |
Manner |
The Company entered into a Contract to Sell with Sunplaza Development Corporation for the sale of the property. |
Description of the assets involved |
The property consisting of 20,534 square meters located at Barangay Matain, Subic, Zambales . |
Nature and amount of consideration given or received |
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Total consideration is One Hundred Million Pesos (P100,000,000.00). |
Principle followed in determining the amount of consideration |
Appraisal value and the Fair Market Value. |
Terms of payment |
1}. Twenty Three Million Five Hundred Thousand Pesos (P 23,500,000.00) as down payment payable upon signing of the Contract to Sell. |
Conditions precedent to closing of the transaction, if any |
Board Approval and Disclosure to SEC regarding Material Related Party Transaction. |
Any other salient terms |
None |
Name | Nature of any material relationship with the Issuer, their directors/ officers, or any of their affiliates | |
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Sunplaza Development Corporation | Common substantial shareholder of DCSMI is also a common substantial shareholder of Sunplaza Development Corp. |
Effect(s) on the business, financial condition and operations of the Issuer, if any |
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Improve cash position and stockholders' equity. |
Other Relevant Information |
none |
Source(s) of funds |
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N/A |
If any asset so acquired by the issuer or its subsidiaries constituted plant, equipment or other physical property, state the nature of the business in which the assets were used by the persons from whom acquired and whether the issuer intends to continue such use or intends to devote the assets to other purposes, indicating such other purposes |
N/A |
Name | Francis Gustilo |
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Designation | Corporate Secretary |