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BASIC Petroleum Corp. said the Philippine Stock
Exchange has approved its application for the listing of additional
shares to cover private placement transactions.
In a statement, the company said
it is listing an additional 105,473,907 common shares at the local
bourse to accommodate transactions from private investors.
Basic said that the subscription
price for 100,000,000 shares was pegged at P0.25 a share, while the
remaining 5,473,907 shares was subscribed at P1.
Basic, formerly known as Basic
Consolidated Inc., is primarily engaged in exploring, developing and
exploiting oil and minerals. The company’s oil production
operation is at the offshore area of Northwestern Palawan
particularly in Nido and Matinloc.
Recently, the company began to
diversify into renewable and alternative energies with the
acquisition of Zambo Norte BioEnergy Corp. (ZNBC), a local
greenfield company engaged in sugarcane planting for ethanol
production.
--Euan Paulo C. Añonuevo
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