Dharmala raises capital

Dharmala raises capital

MANILA (AFP): The Philippine subsidiaries of Indonesia-based
Dharmala Group and Singapore's Keppel Group have increased their
capital stock to 837 million pesos (US$35 million, documents
obtained from the Securities and Exchange Commission said
yesterday.

Dharmala Philippines, Inc. will increase its authorized
capital stock by 122 percent to 600 million pesos, while Keppel
subsidiary Cebu Shipyard Engineering Works, Inc. (CSEW) will
raise its stock from 195 million pesos to 237 million pesos, the
papers said.

Dharmala, which reported a net income of 30.4 million pesos in
July and sales of 194 million pesos, will use the increase to pay
for its stock dividends of 47.85 percent and to fund additional
investments, the documents showed.

An eight-percent stock dividend and future investments will be
funded by the increase in CSEW's capital stock.

The company has completed an 80-million-peso dock upgrading
project intended to accommodate more and larger foreign vessels,
as well as local shipping companies that have acquired larger
ships, CSEW said.