Filtered By: Money

SEC approves Philex's shares declassification

The Securities and Exchange Commission has approved Philex Mining Corp.'s application for the declassification of its common shares. Philex operates the Sto. Tomas II copper-gold-silver deposit in Tuba, Benguet, the first block cave in East Asia. It also owns 81 percent of Canadian company Philex Gold Inc., which is listed in the TSX Venture Exchange. In a disclosure to the Philippine Stock Exchange (PSE), Philex said it received on Tuesday the SEC certificate of approval dated September 11, allowing the company to merge its "A" and "B" common shares. The mining firm's board of directors and shareholders had earlier approved the ammendments to the articles of incorporation. "With the SEC approval, there is now one class of stock of the company," Philex said. Ownership of Philex "A" shares were limited to Filipino citizens, while the "B" shares were open to foreigners. To date, Philex has 5 billion authorized shares, 2.957 billion of which are currently issued and outstanding. The PSE, for its part, advised investors to await further developments. "The Exchange shall inform trading participants and the investing public on further developments on the matter," the PSE said. - Patricia de Leon, GMANews.TV
Tags: philex