DOMINION HOLDINGS, Inc. (DHI) is seeking to nearly ninefold its authorized capital stock to P30 billion in connection with a proposed merger that would give the listed holding company controlling ownership of the company behind the Tampakan Copper-Gold Project in Mindanao.
In disclosures to the stock exchange on Thursday, DHI said its board on Aug. 19 approved and endorsed for shareholder approval the increase in authorized capital stock from P3.42 billion, alongside its proposed merger with Indophil Resources Phils. Inc. (Indophil) and Sonar Holdings Inc. (Sonar), with DHI as the surviving entity.
DHI said the proposed capital increase is in relation to the merger and will also support future capital-raising efforts and expansion programs.
Under the proposed capital structure, DHI’s authorized capital stock will consist of 29.75 billion common shares with a par value of P1 each and 2.5 million preferred shares with a par value of P100 each, from 3.4 billion common shares and 200,000 preferred shares previously.
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