PHILIPPINES – Shares of Federal Resources Investment Group (PSE:FED) plunged 3.84 percent in today’s trading session to trade at Php12.02 at the close.
The decline in Federal Resources Investment Group’s stock came after the company said in disclosure to the Philippine Stock Exchange that its board of directors has approved the acquisition of 1.041 billion issued and outstanding shares of stock of LBC Express, Inc. for the amount of Php1.38 billion.
Federal Resources has a pending application with the Securities and Exchange Commission for the increase in its authorized capital stock to P2 billion from P100 million.
The company also disclosed on Monday that its board of directors has approved the conduct of a follow-on-offering of up to 60.1 million primary and secondary shares.
In today’s trading session, shares of Federal Resources Investment Group, Inc (PSE:FED) opened at Php12.52 and reached a high of Php12.60 apiece but plunged to Php12.00 until it closed at Php12.02. – BusinessNewsAsia.com