Philex invests additional P1.2 billion in oil exploration unit

Philex invests additional P1.2 billion in oil exploration unit

By Donnabelle L. Gatdula
The Philippine Star

MANILA, Philippines - Philex Mining Corp. will invest an additional P1.2 billion in its wholly-owned oil exploration subsidiary Philex Petroleum Corp. (PPC) in preparation for possible acquisition of new assets.


In a disclosure to the Philippine Stock Exchange (PSE) yesterday, Philex Mining president J. Ernesto C. Villaluna Jr. said the investment was approved by the firm’s board in a meeting held last Tuesday.

The investment will be made by way of subscription to 1.2 billion new shares of PPC at its par value of P1 per share or a total subscription price of P1.2 billion.

The new shares in the company will come from the increase in the authorized capital stock of PPC from P2 billion to P6.8 billion.

“The proceeds of the subscription will enable PPC to acquire oil and petroleum assets,” Villaluna said.
Read More...

Click here for PX PSE  disclosure.