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Article: PHILIPPINES PHILEX PETROLEUM TO GET US$25.7 MLN FRESH CAPITAL.
- Article from:
- AsiaPulse News
- Article date:
- November 12, 2009
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MANILA, Nov 12 Asia Pulse - Philex Petroleum Corp. (PPC) is receiving P1.2 billion (US$25.7 million) in fresh investment from its parent company Philex Mining Corp. (PSE:PX) for its expansion program.
In a disclosure to the Philippine Stock Exchange (PSE), J. Ernesto C. Villaluna Jr., president of Philex, said the infusion of fresh capitalization was approved by the board during their meeting Tuesday.
He said 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 ...