Vulcan to raise P888 M via stock rights offering

Vulcan Industrial & Mining Corp. is planning to raise P888.41 million through a stock rights offering to fund its mineral and petroleum projects and settle its debts and advances.

In a registration statement filed with the Securities and Exchange Commission, Vulcan said it will offer a total of 888.41 million common shares at P1 each share, half of which shall be payable upon subscription.

The shares to be issued will come from the increase in authorized capital stock of Vulcan to P1.5 billion.

Shareholders can buy three shares for every two shares held as of a record date yet to be set by the company.

The company has tapped AB Capital & Investment Corp. as lead underwriter for the issue.

Incorporated on Jan. 13, 1953, Vulcan is engaged in mining and mineral exploration where it owns three approved mineral production sharing agreements and has pending applications for 10 mining prospects. The company has been participating in oil exploration projects since 1976 and is part of two consortiums that have petroleum contracts.

Vulcan is engaged mainly in oil and mineral exploration. One of its successful ventures is a concrete aggregates project in Rodriguez, Rizal, which it has spun off into a joint venture company, Vulcan Materials Corp.         — Zinnia B. Dela Peña