Phil-Seven hikes capital

MANILA, Philippines - Philippine Seven Corp. is raising its capitalization to P600 million from P400 million to cover its 15-percent stock divided declaration.

In a disclosure to the Philippine Stock Exchange, Phil-Seven said its board approved yesterday the issuance of 51.996 million common shares from the authorized and unissued capital stock for distribution as stock dividend.

Phil-Seven said it has yet to set the record date for those who will be entitled to avail of the stock dividends. Payment date will be set not later than the 18th trading day after the record date.

The board likewise approved a cash dividend declaration amounting to P0.10 per share, available to stockholders of record as of Aug. 22. The cash dividends will be payable on Sept. 14.

Phil-Seven, the local franchise holder of the 7-Eleven convenience store chain, reported a 38.3 percent rise in first half net earnings this year to P164.26 million, largely due to higher sales, continuing support from trade suppliers, and continued store expansion.

Revenues climbed 35.3 percent to P6.32 billion as merchandise sales rose 36.5 percent to P5.72 billion. System-wide sales rose 29.1 percent to P6.5 billion, mainly due to the increase in store base and improved average sales registered by mature stores.