Philex to hike capital stock to P8B

ABS-CBN News

Posted at Feb 11 2009 03:48 PM | Updated as of Feb 11 2009 11:48 PM

Copper-gold producer Philex Mining Corp. will raise its authorized capital stock from P5 billion to P8 billion to be able to declare a 25-percent stock dividend.

In a disclosure to the Philippine Stock Exchange, Philex said its board has approved the increase.

The company said 32 percent of the P3 billion increase in capital stock will be subscribed and fully paid in the form of the stock dividend, which is equivalent to 970.4 million shares.

It added adjustments would be made to the number of shares reserved for its stock option plan.

A stockholders meeting has been set for April 21 to obtain shareholder approval for the proposed increase in capital stock and dividend declaration.