Cash-strapped TKC Metals Corp. got a major boost after it received a fresh capital infusion.
In a stock exchange filing, TKC said it raised its authorized capital to P3 billion from P1 billion.
TKC said the increase, supported by conversion of advances into equity, would “put the company in a better position to more effectively pursue its operations, plans, and projects.”
The conversion price was fixed at P 2 per share.
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Through its two subsidiaries, TKC manufactures steel pipes and steel billets, which in turn become the raw materials of downstream steel products such as bars, wire rods and sections.
TKC has been struggling in the past several years. The Tiu-led firm incurred a negative stockholders equity of P899.72 million and P574.78 million on Dec.31, 2017 and March 31, 2018.
