BASIC Energy Corp. has received approval from its board of directors to list 450 million common shares on the Philippine Stock Exchange, Inc. (PSE), the holding company announced on Wednesday.
In a regulatory filing, Basic Energy said that the approved listing is subject to compliance with the rules and regulations of the PSE.
The company’s approval to list its common shares provides an avenue to raise capital from the stock market, said Toby Allan C. Arce, head of sales at Globalinks Securities and Stocks, Inc.
“This capital infusion can be utilized for various purposes, such as funding expansion projects, retiring debt, or investing in new technologies,” he said in a Viber message.
Last year, Basic Energy announced its plan to secure franchises from the Department of Transportation and other related government agencies to deploy electric buses nationwide.
It intends to initially deploy 10 up to 80 class 2 e-buses for each of the 82 provinces, providing a total of 6,500 e-buses nationwide in five years.
Basic Energy has business interests in various fields of renewable energy and alternative fuels, as well as oil and gas exploration and development, as stated on its website.
Shares of the company fell by P0.008 or 4.1% to close at P0.19 each on Wednesday. — Sheldeen Joy Talavera