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.