Phil. Stock Market Discussions, Comments and Forecast
THE PHILIPPINE Stock Exchange has approved listed Lepanto Consolidated Mining Co.’s stock rights offering that will raise about P3 billion in fresh funds.
In a memorandum, the exchange said its board approved last Nov. 10 the miner’s proposal to list an additional 10.05 billion common shares.
The miner will sell shares to existing shareholders at P0.30 each.
The proceeds of the project will be used for the development of the Victoria gold mine in Benguet and for the retirement of loans, accounts with suppliers, and advances from shareholders.
It will also shore up the miner’s retirement fund. The miner posted a wider net loss of P420.43 million for January to September from P229.12 million last year due to lower sales for the period and higher cost and expenses.
Shares in Lepanto were unchanged on Friday at P0.335 apiece.