RI firm buys stake in RP

Thu, 05 Oct 1995 | Source: AFP

MANILA (AFP): Krover Ltd. of Indonesia, an investment holding firm, has acquired a 25 percent equity stake in Asian Petroleum Corp. of the Philippines, the local firm said in a filing with corporate regulators yesterday.

Krover is to subscribe to 26 billion shares by converting loans to equity.

Asian Petroleum secured authorization from the Securities and Exchange Commission to raise its authorized capital stock to 1.8 billion pesos (US$69.23 million) as its capital base of 820 million pesos is now fully subscribed.

Asian petroleum is diversifying into cement manufacturing with a $180 million project in the central Philippine city of Cebu.

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