SEC approves Philex Mining share declassificationadmin
PHILEX Mining Corp said the Securities and Exchange Commission has approved the proposed amendments to its Articles of Incorporation, paving the way for the declassification of its common shares.
Philex will now have a single class of authorized shares totaling 5.0 billion, of which 2.957 billion are issued and outstanding, it told the stock exchange.
The Supreme Court last year issued a ruling allowing increased foreign participation in the mining sector.
Philex A-shares, the ownership of which is limited to Filipinos, closed at P3.25 on Tuesday, down 0.25 or 7.14 percent from Monday.
Its B-shares, open to both local and foreign investors, fell P0.25 or 7.04 percent to 3.30.
(One dollar = 50.43 pesos)
Philex Mining Corp. http://www.philexmining.com.ph/