Atlas Consolidated Mining and Development Corp. has completed its capital restructuring, including an increase in its authorized capital stock to P30 billion from P20 billion, the company said in a July 10 statement.
 
“… The subsequent decrease in the par value of its shares of stock from P10 to P8 per share, and the full elimination of its accumulated deficit amounting to approximately P12.7 billion” were also approved by the Securities and Exchange Commission, Atlas noted in the statement released by the Philippine Stock Exchange on Wednesday.
 
The deficit was reduced to zero “through the application of its additional paid-in capital, a portion of which represents the reduction in surplus created from the par value decrease,” the company said.
 
“As a result of the equity restructuring, Atlas is now able to accrue retained earning from net income that may be allocated for the distribution of dividends to stockholders,” it added.
 
Atlas and its subsidiaries posted a consolidated net income of P15 billion last year, of which P2.5 billion was attributed to the net profit of wholly-owned unit Carmen Copper Corp. and “which may be earmarked for the declaration of dividends to Atlas,” the company said. — VS, GMA News