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Basic Energy calls for payment on outstanding subscriptions

BASIC ENERGY Corp. has issued a call for payment on unsettled subscriptions to its capital increase and stock option plan shares, the firm told the Philippine Stock Exchange on Monday.

In a regulatory filing, the company said that its board of directors made the decision during a meeting on Dec. 29.

The unpaid subscriptions consist of those from the company’s capital increase in 2007 and its stock option plan shares, which received approval from the corporate regulator in 2011.

“Due date for the payment of the unpaid subscriptions was set on or before April 8, 2021,” Basic Energy said.

Last month, the publicly listed company announced that real estate firm MAP 2000 Development Corp. (M2DC) would acquire around 67% of Basic Energy’s outstanding capital stock.

M2DC will acquire 9.83-billion primary shares to be issued out of the increase of the Basic Energy’s authorized capital stock, which was previously raised to P5 billion from P2.5 billion.

Basic Energy is a holding company with interests in renewable energy, alternative fuels, and oil and gas exploration. Its shares were last traded on Dec. 18, when they closed at P0.47 apiece. — Angelica Y. Yang

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