Bright Kindle pumps 5.3% after suspension lifted
Bright Kindle Resources [BKR 1.37, up 5.4%; 849% avgVol] [link] had its suspension lifted at 10:30 a.m. yesterday by the PSE after the company provided a satisfactory amount of additional information on its P5 billion acquisition of Strong Built Mining (SBM). BKR is owned by Martin Romauldez, the current Speaker of the House of Representatives, and the cousin of the current President, Ferdinand Marcos. The additional info provided by BKR indicated that SBM holds a Mineral Production Sharing Agreement over 7,411 hectares of land containing “economically viable deposits of magnetite concentrate”, and that SBM “currently operates approximately 30% of its tenement area”. BKR’s interest is in monetizing the remaining 70% of the tenement area. BKR referred to this as a “clear opportunity for potential growth.” BKR said that there might be possible mining synergies between SMB and another of BKR’s investments, Marcventures Holdings [MARC 0.73 unch; 14% avgVol].
