BEC lists 450 Million common shares

Basic Energy to acquire equity investments in Thai EPC contractors

The board of directors of the Basic Energy Corporation (BEC) has approved the listing of 450 million common shares in the Philippine Stock Exchange (PSE).

In a disclosure, Basic Energy said the listing is subject to adherence to the rules and regulations of the PSE.

In an article by the Business World, the corporation’s decision to list its common shares could be used for raising capital from the stock market, investing in new technologies, or retiring debt.

Last year, BEC declared its intent to secure franchises from the Department of Transportation (DOTr) to be able to deploy electric buses nationwide.

The idea was to establish between 10 and 80 class 2 e-buses within each of the 82 provinces, for a total of 6,500 e-buses across the country in five years. 

This proposal is part of the corporation’s Green Energy E-Transport Program (GEEP), which they would present to the Department of Transportation (DOTr) and the Land Transportation Franchising and Regulatory Board (LTFRB).