Basic Energy Corp. secured the Securities and Exchange Commission's (SEC) approval to increase its capital stock to P5 billion to bankroll new and existing projects. In a disclosure on Wednesday, Basic Energy said the SEC approved last September 10 to double its authorized capital stock to P5 billion from P2.5 billion. Earlier, Basic Energy reported a net loss of P33.79 million in the first half of 2021 from the net loss of P22.094 million in the same period last year. Back in March, Basic Energy obtained from the Department of Energy (DoE) the Wind Energy Service Contract to develop a wind farm in Mabini, Batangas. Shares of Basic Energy rose by 3 centavos or 5.66 percent to settle at 56 centavos each.

Source: Manila Times September 29, 2021 13:52 UTC