- Published : Wednesday, July 20, 2011 21:58
- Article Views : 179
- MANILA TIMES.NET Written by :
PHILEX Mining Corp. secured the approval of the corporate regulator to declare property and cash dividends.
Documents from the Securities and Exchange Commission showed that the country’s largest miner would issue 598.63 million shares of Philex Petroleum Corp. worth P574.68 million as property dividends to Philippine-based stockholders.
Each share was worth P0.957 or P0.96 since the carrying value of the total investments of Philex in PPC at end-December 2010 stood at P1.628 billion constituting 1.70 billion shares, the regulator said.
Another P16.43 million would be declared as cash dividends to US-based shareholders.
Last month, PPC sought regulatory approval to list its shares by way of introduction at the local bourse and distribute 604.03 million common shares, representing 36 percent of the issued and outstanding shares of the company, as property dividends to Philex stockholders.
The Philex board in May approved the dividend declaration, entitling its shareholders as of June 8 to one PPC share for every eight shares and cash of P0.052 for each share.
Philex will retain 64 percent after the dividend payment, the mining company had said.
In its preliminary prospectus, the oil exploration unit of Philex said it would list 1.7 billion shares on the second board of the Philippine Stock Exchange by way of introduction.
PPC controls Forum Energy Plc., a UK company that has a 70 percent interest in Service Contract 72 covering the Sampaguita natural gas discovery, as well as participating interests in various petroleum service contracts.
PPC also owns 18.46 percent of Pitkin Petroleum Plc., 10.31 percent of PetroEnergy
Resources Corp., and 100 percent of Brixton Energy & Mining Corp., a coal mining company operating in Northern Mindanao. PPC also holds overriding royalty interest in SC 6 (Cadlao) and a 70-percent interest in SC 6A (Octon).
Philex shares fell to P27 on Tuesday from P27.10 each on Monday.
Each share was worth P0.957 or P0.96 since the carrying value of the total investments of Philex in PPC at end-December 2010 stood at P1.628 billion constituting 1.70 billion shares, the regulator said.
Another P16.43 million would be declared as cash dividends to US-based shareholders.
Last month, PPC sought regulatory approval to list its shares by way of introduction at the local bourse and distribute 604.03 million common shares, representing 36 percent of the issued and outstanding shares of the company, as property dividends to Philex stockholders.
The Philex board in May approved the dividend declaration, entitling its shareholders as of June 8 to one PPC share for every eight shares and cash of P0.052 for each share.
Philex will retain 64 percent after the dividend payment, the mining company had said.
In its preliminary prospectus, the oil exploration unit of Philex said it would list 1.7 billion shares on the second board of the Philippine Stock Exchange by way of introduction.
PPC controls Forum Energy Plc., a UK company that has a 70 percent interest in Service Contract 72 covering the Sampaguita natural gas discovery, as well as participating interests in various petroleum service contracts.
PPC also owns 18.46 percent of Pitkin Petroleum Plc., 10.31 percent of PetroEnergy
Resources Corp., and 100 percent of Brixton Energy & Mining Corp., a coal mining company operating in Northern Mindanao. PPC also holds overriding royalty interest in SC 6 (Cadlao) and a 70-percent interest in SC 6A (Octon).
Philex shares fell to P27 on Tuesday from P27.10 each on Monday.
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