Pryce Corp approves capital hike to P2.24B

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PRYCE Corp. has approved a P240-million increase in its authorized capital stock to P2.24 billion from P2 billion in anticipation of a planned placement or subscription transaction, which is still under negotiation.

In a disclosure to the Philippine Stock Exchange on Monday, Pryce said its board of directors on Friday approved the increase in the company’s authorized capital stock “in anticipation of a contemplated placing and subscription transaction/s under negotiation, the details of which will be disclosed in due time.”

Pryce is a diversified company engaged in operating memorial parks, industrial gases and liquefied petroleum gases (LPG), and pharmaceutical products.

The company operates 12 memorial parks in major cities in Mindanao and it produces and distributes industrial gases and LPG under Pryce Gases Inc. and Oro Oxygen Corp. while its pharmaceutical business is done through Pryce Pharmaceuticals Inc.

The company earlier said its net income in the first nine months improved 57 percent year-on-year to P712.48 million, while revenues grew 14.9 percent to P4.74 billion mainly on strong LPG sales despite price increases.

Pryce is confident that it would reach this year’s net income guidance of P900 million, as it looks forward to robust sales in the fourth quarter, which it said is usually the “strongest quarter” in terms of LPG sales.

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