Lorenzo Shipping seeks SEC nod to raise capital stock

LISTED Lorenzo Shipping Corp. (LSC) has filed an application with the Securities and Exchange Commission (SEC) to increase its authorized capital stock, after securing approval from its board of directors and stockholders.

In a disclosure to the exchange, the company said shareholders approved amendments to its articles of incorporation to raise its capital stock to P2 billion from P991.2 million, with a par value of P1 apiece.

“Out of the increase of P1.01 billion, the amount of P252.2 million has been subscribed,” the company said.

It added that National Marine Corp. paid P151.5 million, which is part of the subscribed amount.

LSC, established in 1972 to handle domestic inter-island cargo, has shifted from break-bulk to containerized shipping.

It operates a fleet of vessels serving major ports in the Philippines and manages equipment, container yards, and warehouses. — Alexandria Grace C. Magno