Lucio Co's Alcorn Gold to become a holding firm

Posted at 10/30/2012 12:30 PM | Updated as of 10/30/2012 1:25 PM

MANILA, Philippines - Lucio Co-led Alcorn Gold Resources Corp. on Tuesday said it will be reorganized into a holding company as it await infusion of additional businesses.

The corporate name of the company will be changed "to reflect its primary purpose as a holding company," Alcorn Gold Resources said in a disclosure.

Moreover, the firm's oil and mineral assets will be reorganized into a fully-owned subsidiary, the company added.

An increase in Alcorn Gold Resources' authorized capital up to P10 billion has been approved by the firm's board of directors, as the par value of capital stock will also be hiked from P0.01 to P1.

"These resolutions were passed to facilitate the infusion of additional businesses," the firm said.