Coal Asia Holdings Corp. said Monday its directors approved an amendment to its articles of incorporation to reduce the par value of its shares to P0.10 from the current P1.
The company owns coal contracts in Davao Oriental and Zamboanga Sibugay through wholly-owned unit Tita Mining and Energy Corp.
Coal Asia said the change in par value is meant “to improve the liquidity in the trading of the Corporation’s shares, as well as boost investor interest in and wider distribution of the Corporation’s shares of capital stock thereby shoring up its marketability.”
The par value adjustment, which still needs shareholder approval, will eventually result in a similar reduction trading price of the stock on the Philippine Stock Exchange. Coal Asia shares last closed at P0.20 a share.
