MANILA, Philippines – Listed Basic Energy Corp. has been allowed to sell to the public 537.5 million more shares owned by shareholders following its P2-billion capital hike.
The company increased its authorized capital stock to P2.5 billion in November so it could raise funds for two bioethanol plants it is setting up in Zamboanga del Norte.
Basic Energy, which recently branched out to alternative fuels and renewable energy, said that of the two billion shares it had issued following the capital hike, the 537.5 million shares were bought by 19 stockholders. The balance was issued to new investors.
On Friday, Basic Energy shares closed flat at 24 centavos. – Ruby Anne M. Rubio, BusinessWorld
Source: http://www.gmanetwork.com/news/story/93078/economy/basic-energy-allowed-to-list-shares
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