In a disclosure with the Philippine Stock Exchange (PSE) Thursday, Basic Energy said its Board of Directors has agreed Wednesday to rename the Basic Ecomarket Farms Inc to Basic Hydropower Corpration and the iBasic to Basic Petroleum Corporation.
It noted that Basic Hydropower Corp.’s new primary purpose is the exploration and enhancement of hydropower resources and its production as well as building of power plants.
Moreover, mandate of the newly-named Basic Petroleum Corp. is now towards exploration and development of oil and gas resources, along with mineral production.
The Board also gave their thumbs up to the increase in the capital stock of Basic Hydropower Corp. from P50 million to 100 million.
Meanwhile, Basic Hydropower Corp. has transferred its office address from Gutalac, Zamboanga del Norte to 104 C. Palanca St., Legaspi Village, Makati City.
Also, Basic Petroleum Corp. has changed its principal address from Makati City to 104 C. Palanca St., Legaspi Village, Makati City.
Source: http://www.zambotimes.com/archives/news/87847-Basic-Energy-Corporation146;s-subsidiaries-change-names.html
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