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Article: Philex Petroleum Corp. to get P1.2B add'l fresh capital.
- Article from:
- Philippines News Agency
- Article date:
- November 11, 2009
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MANILA, Nov. 11 (PNA) -- Philex Petroleum Corp. (PPC) is receiving P1.2 billion in fresh investment from its parent company Philex Mining Corp. 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 authorized capital stock of PPC from ...