Stockholders of publicly listed company Pacifica Inc. have unanimously approved an increase in the company’s capitalization from 40 billion shares to 100 billion shares with the same par value of P0.005 per share.
Pacifica was recently taken over by Mikee Romero, operator of the country’s largest non-containerized port. In a disclosure to the Philippine Stock Exchange, Pacifica said the proceeds from the increase in capital will be used to acquire several mining claims and companies to be injected into Pacifica.
The stockholders also declassified all Pacifica’s “B” shares and converted them to common shares, a move that will open these shares to foreign buying.
It was in July of 2007 when businessman-sportsman Mikee Romero led Mikro-Tech Capital Inc. to a successful buy-in of the 34 percent shares of dormant company Pacifica, Inc. The buy-in enabled Mikro-Tech to become the company’s single majority shareholder.
In August, a stockholders’ meeting was called ratifying the sale of Stradec shares to Mikro-Tech as well as the election of Mikee Romero as the company’s new chairman and president. In September, the Securities and Exchange Commission approved the change in company’s primary purpose from that of a holding company to a shift in the mining sector. SEC likewise extended Pacifica’s life-term by another 50 years starting Sept. 2, 2007.
Pacifica’s shares remained stagnant at P0.012 for the last eight years, until a rumor of a takeover lifted the company’s share prices. When Romero took over in August, the price of Pacifica shares went up to an all-time high of P0.175 per share.