76 year old Philippine mining company changes focus to IT

Established in 1925, Itogon-Suyoc Mines Inc. is one of the Philippines oldest mining firms. The company has recently announced a change of business focus that will see it dispose of its mining assets within a couple of months.

The new strategy was disclosed to the Philippine Stock Exchange and will require an amendment of the company's articles of incorporation by the company's shareholders.

The company plans to sell of virtually all its assets, which have been performing poorly and posting regular losses, in order to finance its new business as an IT firm.

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