Corporate News

SEC approves Philex Mining property dividend

Posted on June 25, 2016

LISTED Philex Mining Corporation on Friday said the Securities and Exchange Commission (SEC) has given the go signal for the distribution of a property dividend in the form of shares in Philex Petroleum Corp. worth P1.44 billion.

In a disclosure to the local bourse, Philex Mining said it received on Thursday the SEC approval for the property dividend declared on Feb. 29 to offer 17 Philex Petroleum shares for every 100 shares in the mining company.

Philex Mining shareholders as of record date March 15 are entitled to the property dividend.

The transaction for the property dividend payment consists of 820,983,288 Philex Petroleum shares in the amount of P1.43 billion.

The transaction will reduce the mining firm’s shares in Philex Petroleum from 64.7% to approximately 19.4%.

The payment date of the property dividend will be on July 15, or 15 trading days from the date of the SEC approval.

Shares in Philex Mining closed 8.42% higher to P8.24 apiece on Friday.

Philex Mining is one of three key Philippine subsidiaries of Hong Kong’s First Pacific Co. Ltd., the others being Metro Pacific Investments Corp. and Philippine Long Distance Telephone Co. (PLDT). Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld. -- Janina C. Lim