News Flash

August 02, 2015, Sunday
  • Thunderstorms brought heavy rains across Metro Manila and in nearby provinces. 17 hours ago |
  • Camsur Rep. Leni Robredo says Pres. Aquino has not asked her to run for the vice presidency. 17 hours ago |
  • Valte says Roxas is already getting ready for a transition period at the DILG. 17 hours ago |
  • Valte says Sec. Mar Roxas need not be urged to resign as DILG Secretary. 17 hours ago |
  • Philpost releases for the second time commemorative stamps featuring Cory Aquino’s paintings. 17 hours ago |
  • Davao City experiencing 3 to 4 hours of rotational blackouts. 17 hours ago |
  • Sen. Poe says those who compare her to an unripe fruit must know this is what consumers prefer since it lasts longer. 20 hours ago |
  • Rep. Erice says Roxas intends to resign from DILG following his announcement of his presidential bid. 20 hours ago |
  • Caloocan Rep. Erice says LP still wants Sen. Grace Poe to run as Roxas’ vice presidential candidate. 20 hours ago |
  • Duterte on Roxas’ presidential bid: “I hope he makes it.” 20 hours ago |
  • Duterte says he is happy for Roxas after he got Pres. Aquino’s endorsement. 20 hours ago |
  • Stricter security measures to be enforced at NBP’s Building 14 where ‘Bilibid 19’ inmates are now detained. 20 hours ago |
  • High-profile NBP inmates ‘Bilibid 19’ returned to Muntinlupa after 7 months of detention at NBI. 20 hours ago |
  • Tropical storm ‘Soudelor’ outside PAR moving west at 20 kph. 20 hours ago |
  • Storm ‘Soudelor’ outside PAR has max. sustained winds of 65 kph & gustiness of up to 85 kph. 20 hours ago |
  • PAGASA says tropical storm ‘Soudelor’ won’t make landfall when it enters PAR on Wednesday. 20 hours ago |
  • Tropical storm with international name ‘Soudelor’ expected to enter PAR on Wednesday. 20 hours ago |
  • Binay & Fmr. Manila Mayor Alfredo Lim among those who sent flowers to Cory Aquino’s tomb. 20 hours ago |
  • Sixth death anniversary of Fmr. Pres. Cory Aquino being remembered today. 20 hours ago |

Philex hikes rights offer

By Jenniffer B. Austria | Sep. 13, 2013 at 12:02am
Philex Mining Corp., the country’s biggest metal mining company, plans to raise P13.8 billion through a stock rights offering slated next month.

Philex said it would use proceeds from the rights offering to finance the development of the Silangan mining project in Surigao del Norte and refinance debt. The company increased the size of the offering from P12.3 billion.

Philex will offer 2.466 common shares to shareholders at P5.60 per share, a 38.6-percent discount from Thursday’s closing price of P9.12.

Shareholders of record as of Oct. 16, 2013 are entitled to subscribe to one share for every two they own.

Philex hired Hongkong and Shanghai Banking Corp. as the sole global coordinator and tapped BDO Capital & Investment Corp. and BPI Capital Corp. as domestic underwriters.

The offering period starts on Oct. 21 and ends Nov. 4, while the listing date is set on Nov. 12.

The company’s principal shareholders as of end-August are First Pacific Co. Ltd., with 31.50 percent; pension fund Social Security System, 20.51 percent; and Two Rivers Pacific Holdings Corp., 14.98 percent.

Philex said it plans to allot P7.63 billion of the net proceeds from the stock rights offering to finance the capital expenditure requirements of the Silangan project from December this year to June 2015.
COMMENT DISCLAIMER: Reader comments posted on this Web site are not in any way endorsed by Comments are views by readers who exercise their right to free expression and they do not necessarily represent or reflect the position or viewpoint of While reserving this publication’s right to delete comments that are deemed offensive, indecent or inconsistent with editorial standards, may not be held liable for any false information posted by readers in this comments section
comments powered by Disqus

In This Category

Want Updates?

Be the first to know on what is latest from, simply enter your email below to get started. We don’t spam dont worry!