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Article: Philex Mining infuses P1.2 B into oil exploration subsidiary.(Main Business)
- Article from:
- Manila Bulletin
- Article date:
- November 11, 2009
CopyrightCOPYRIGHT 2009 Manila Bulletin Publishing Corp. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Philex Mining Corporation is investing an additional P1.2 billion in wholly-owned oil exploration subsidiary Philex Petroleum Corporation (PPC) in preparation for possible acquisition of new assets.In a disclosure to the Philippine Stock Exchange (PSE) Wednesday, Philex Mining president J. Ernesto C. Villaluna, Jr. said the investment was approved by the firm’s board in a meeting held last Tuesday.The investment will be made by way of a subscription to 1.2 billion new shares of PPC at its par value of P1.00 per share or a total subscription price of P1.2 billion.The new shares in the company will come from the increase in the authorized capital stock of PPC from P2 ...
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