Listed A. Brown Co. Inc. has secured regulatory approval to boost its capital from P1.6 billion to P2 billion.
In a disclosure to the Philippine Stock Exchange, A. Brown reported that the Securities and Exchange Commission (SEC) has approved the amendment of its Article of Incorporation to increase its authorized capital stock from P1.6 billion to P2 billion.
Also, the SEC approved the firm’s declaration of a 25-percent stock dividend equivalent to 345.6 million common shares, which will be issued out of the increase in A. Brown’s authorized capital stock.
Together with electric cooperative and local government units of Agusan del Sur, A. Brown just recently broke ground for the development a power plant in the province in a bid to ease the power shortage in Mindanao.
“The less brownouts, the more we are able to help generate activity here. Rest assured that we will cooperate with local government in raising the opportunities for development of this community, and hopefully create more growth in all areas of investment here in San Francisco,” A. Brown Chairman Walter Brown said.
The 5-megawatt (MW) bunker-fired facility, located in the municipality of San Fransisco, is expected to be fully operational by the second half of 2014.
Engaged in real estate and agribusiness, A. Brown has recently ventured into the utilities sector, particularly in power and renewable energy.
Besides Peakpower, A. Brown’s business venture into the energy industry includes the 135-MW coal-fired power plant in Concepcion, Iloilo, and a 25-MW hydroelectric project in Surigao under subsidiaries Palm Concepcion Power Corp. and Hydrolink Projects Corp, respectively.