THE board of directors of Manila Mining Corp. approved an increase in the listed firm’s authorized capital stock to P3.4 billion as part of a plan to settle liabilities.
“The present authorized capital stock of the company is almost fully subscribed. The increase in capital will enable the company to resume exploration drilling and settle liabilities,” it said in a disclosure to the stock exchange on Wednesday.
The board approved the capital hike from P2.6 billion on March 9.
Manila Mining’s capital will be divided into 204 billion shares of common class “A” stock with a par value of one centavo per share.
The remaining capital will be 136 billion shares of common class “B” stock also with a par value of one centavo apiece.
The new figures are higher than the previous 156 billion shares of common class “A” stock and 104 billion common class “B” stock, which both have a par value of one centavo per share.
According to Manila Mining, the increase in authorized capital stock will be recommended to its stockholders for approval during their annual stockholders’ meeting scheduled on April 29.
“[The board] agreed to recommend to the stockholders that the board be authorized to take appropriate steps and means to support the increase in the authorized capital stock,” the disclosure said.
According to its website, Manila Mining ceased operations in 2001 after its permit to operate its tailings dam was not renewed by the Department of Environment and Natural Resources.
On Wednesday, Manila Mining’s “A” shares were flat at P0.010 apiece, while its “B” shares rose 1.01% to close at P0.010 each. — Revin Mikhael D. Ochave