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We are pleased to inform our valued electric cooperative and strategic partner stockholders that the Securities and Exchange Commission (SEC) has approved our request for the increase of REFC’s authorized capital from PHP200 Million to PHP300 Million last October 26, 2009. With the additional capitalization, the corporation will be able to increase the available funding source for the stockholders’ viable projects at lower-than-market interest rates.
Further, out of the PHP100 Million increase, PHP55 Million is available for capital subscription, as some of our EC-Stockholders opted not to exercise their pre-emptive right to invest during the time of filing with the SEC.
We are inviting our present electric cooperative stockholders as first preference to subscribe into REFC’s additional capital. We are also accommodating investments from electric cooperatives that are not yet stockholders of REFC.
Aside from providing low cost financing to electric cooperatives as borrowers, dividends have been declared and distributed out of our retained earnings from profitable operations in the last two consecutive years. These are the twofold benefits available to those who have and will invest in REFC.
Your additional investment will surely contribute in our pursuit of elevating REFC, in a slow but rational manner to new heights as a world-class financing arm of the Philippine Rural Electrification Program.
The Rural Electrification Financing Corporation (REFC) is a duly registered privately-owned stock corporation under the prevailing laws of the Republic of the Philippines. It was incorporated on August 31, 2001, and registered with the Philippine Securities and Exchange Commission under Certificate No. A200100734.
Majority owned by Philippine Electric Cooperatives (ECs), REFC is envisioned to be the financial provider of the EC's various capital investment needs. Funds will come from the equity contributions of the investor ECs, and supplemented by capital infusion from participating non-EC Partners.