MANILA, Philippines - Atlas Consolidated Mining and Development Corp. on Wednesday said it has completed its equity restructuring exercise, giving it more room to free itself from debts.
The Securities and Exchange Commission (SEC) has approved the mining firm's increase in authorized capital stock P30 billion from P20 billion, decreased par value of its shares at P8 and the full elimination of its accumulated deficit amounting to P12.7 billion through the application of additional paid-in capital, a portion of which represents the reduction surplus created from the par value decrease.
As a result of the capital restructuring, Atlas is now able to accrue retained earnings from net income that may be allocated for the distribution of dividends to stockholders.
Last year, Atlas and its subsidiaries posted a consolidated net income of P15 billion. Of this amount, P2.5 billion is attributable to the net income of wholly-owned subsidiary Carmen Copper Corporation which may be earmarked for the declaration of dividends to Atlas.