THE Securities and Exchange Commission (SEC) has approved the doubling of Basic Energy Corp.’s authorized capital stock to P5 billion from P2.5 billion previously.
The firm told the local bourse on Wednesday that the corporate regulator issued a certificate of approval on its capital increase, which will be divided into 20 billion shares with a par value of 25 centavos apiece.
Basic Energy sought for a higher capital stock to “raise funds for energy projects and to expand its existing business operations.”
The firm also said that the SEC issued a certificate allowing for the amendment of Basic Energy’s articles of incorporation to reflect the capital stock increase.
Last year, the firm’s stockholders gave the green light for the doubling of its authorized capital stock.
The de Venecia-led company earlier secured a service contract with the Energy department for a planned 50-megawatt wind project in Mabini, Batangas. The contract provides for a non-extendible, five-year pre-development stage, and a 25-year development stage, counted from the signing of the contract.
Basic Energy is a holding company that holds five service contracts for the exploration and development of geothermal energy in Batangas, Bataan, Benguet, Camarines Sur, and Sorsogon.
Its shares at the local bourse improved three centavos or 5.66% to finish at 56 centavos apiece on Wednesday. — Angelica Y. Yang
