BASIC Energy Corp. has completed the public auction of 22.5 million delinquent shares from three lots, the De Venecia-led listed firm said in a regulatory filing on Wednesday.
The auction, which took place on Aug. 23, saw the successful bidding and sale of shares belonging to lots 1, 2 and 3 — each comprised of 7.5 million shares.
“[However], a failure of bid was declared for Lot 4 consisting of 450,000,000 shares by reason of no bidders,” Basic Energy said.
The public auction sought to bid out a total of 472.5 million shares, which were tagged as delinquent.
The company provided no further details on the auction’s winning bidders.
In a disclosure filed on June 29, the firm said that its board unanimously approved of the delinquent status of 472.5 million unpaid private placement shares. These shares are to be bid out in an auction sale in line with the rules under the Revised Corporation Code.
Earlier this month, Basic Energy postponed the auction sale after the government placed Metro Manila under a stricter quarantine restriction between Aug. 6 and Aug. 20 to curb the fresh surge of coronavirus disease cases believed to have been brought about by the Delta variant.
Basic Energy earlier reported an attributable net loss in the second quarter of P18.36 million, reversing its net income of P13.12 million in the same period last year.
On its website, the firm said it aims to be a “major Philippine company engaged in the exploration, production, and supply of alternative and renewable energy, oil and allied products and services.”
Shares in Basic Energy at the local bourse inched down 3.28% or two centavos to finish at P0.59 apiece on Wednesday. — Angelica Y. Yang
Basic Energy auctions delinquent shares
Source: Bantay Radio
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