Lodestar stockholders approve digital asset venture, capital hike

LISTED Lodestar Investment Holdings Corp. said on Tuesday that its stockholders had approved amendments to its articles of incorporation to allow investments in digital assets and to raise its authorized capital stock to P3 billion.

In a disclosure to the exchange, the company said shareholders ratified the board’s earlier decision to revise its primary purpose clause to include investing in and dealing with digital assets, while excluding activities as a crypto asset service provider or virtual asset service provider.

The stockholders also approved a tenfold increase in the company’s authorized capital stock to P3 billion from P300 million, by raising the number of shares to 30 billion from three billion, with a par value of P0.10 apiece.

The company said the capital hike would give it flexibility to issue new shares in the future since its current authorized capital is already fully subscribed.

It noted, however, that “the persons who will subscribe to the shares to be issued out of such increase in authorized capital stock are not yet identified as of this time.”

The amendments will take effect once cleared by the Securities and Exchange Commission, the company added.

Formerly Lodestar Mining Corp., the company was incorporated in 1974 and shifted to an investment holding company in 2003.

At the local bourse on Tuesday, Lodestar shares rose by 2.94% to close at P0.70 each. — Alexandria Grace C. Magno