C06532-2021

SECURITIES AND EXCHANGE COMMISSIONSEC FORM 17-C

CURRENT REPORT UNDER SECTION 17
OF THE SECURITIES REGULATION CODE
AND SRC RULE 17.2(c) THEREUNDER

1. Date of Report (Date of earliest event reported)
Sep 17, 2020
2. SEC Identification Number
36359
3. BIR Tax Identification No.
000-438-702-000
4. Exact name of issuer as specified in its charter
BASIC ENERGY CORPORATION
5. Province, country or other jurisdiction of incorporation
Makati City
6. Industry Classification Code(SEC Use Only)
7. Address of principal office
UB 111 Paseo de Roxas Bldg., Paseo de Roxas Avenue, Legaspi Village, Makati City Postal Code 1229
8. Issuer's telephone number, including area code
(+632) 3224-4383
9. Former name or former address, if changed since last report
not applicable
10. Securities registered pursuant to Sections 8 and 12 of the SRC or Sections 4 and 8 of the RSA
Title of Each Class Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding
Common shares 4,660,267,714
11. Indicate the item numbers reported herein
Item No. 9

The Exchange does not warrant and holds no responsibility for the veracity of the facts and representations contained in all corporate disclosures, including financial reports. All data contained herein are prepared and submitted by the disclosing party to the Exchange, and are disseminated solely for purposes of information. Any questions on the data contained herein should be addressed directly to the Corporate Information Officer of the disclosing party.

Basic Energy CorporationBSC

PSE Disclosure Form 4-3 - Amendments to Articles of Incorporation References: SRC Rule 17 (SEC Form 17-C) and
Section 4.4 of the Revised Disclosure Rules

Subject of the Disclosure

Approval by Securities and Exchange Commisssion of the Increase in Capital Stock and Amended Articles of Incorporation.
Background/Description of the Disclosure

The Board of Directors in its regular meeting held on May 7, 2019, at which a quorum is present, unanimously approved to amend Article Seventh of the Amended Articles of Incorporation of the Company by increasing the authorized capital stock of the Company from Php 2.5 Billion to Php 5 Billion or from 10 Billion shares to 20 Billion shares, with a par value of Php 0.25 per share, subject to the approval of the shareholders at the Annual Stockholders' meeting.

On October 23, 2020, the stockholders representing 74.96% of the outstanding and subscribed shares of the Company confirmed and ratified the recommendation and resolution of the Board to amend Article Seventh of the Amended Articles of Incorporation of the Company to increase the Authorized Capital Stock from Php. 2.5 Billion to Php. 5 Billion; to be reflected as follows:

“SEVENTH: That the amount of capital stock of said Corporation is FIVE BILLION PESOS (Php 5,000,000,000.00), Philippines Currency, and said capital stock is divided into Twenty Billion (20,000,000,000) shares with a par value of Twenty Five Centavos (Php 0.25) per share x x x “

On May 12, 2021, the Board of Directors re-adopted (in its entirety and without any changes) the resolution of its approval to amend Article Seventh of the Articles of Incorporation in compliance with SEC-CRMD requirements after they had reviewed the Company’s application for increase of capital.

On September 10th of 2021, the SEC had approved the application of the Company for amendment of Article Seventh of its Articles of Incorporation and issued the corresponding Certificate of Increase of Capital Stock together with the SEC Certificate of Filing of the Amended Articles of Incorporation.
Date of Approval by
Board of Directors		 May 7, 2019
Date of Approval by Stockholders Oct 23, 2020
Other Relevant Regulatory Agency, if applicable N/A
Date of Approval by Relevant Regulatory Agency, if applicable N/A
Date of Approval by Securities and Exchange Commission Sep 10, 2021
Date of Receipt of SEC approval Sep 16, 2021
Amendment(s)
Article No. From To
Article Seventh - Increase in Authorized Capital Stock Php 2.5 Billion or 10 Billion shares Php 5.0 Billion or 20 Billion shares
Rationale for the amendment(s)

The increase in the authorized capital stock is to provide sufficient shares of stock for subscription by potential strategic investor/s in the Company and to provide flexibility to the Company in the issuance of additional shares in the future to raise capital to fund new projects and any possible expansion plans without having to secure SEC approval again for an additional increase in capital stock.
The timetable for the effectivity of the amendment(s)
Expected date of filing the amendments to the Articles of Incorporation with the SEC Sep 6, 2021
Expected date of SEC approval of the Amended Articles of Incorporation Sep 10, 2021
Effect(s) of the amendment(s) to the business, operations and/or capital structure of the Issuer, if any

The amendment seeks to increase the capital stock available for subscription by potential strategic investors and will also enable the Company to raise and increase funds for new project and possible expansion of existing projects.

With the receipt of the SEC’s Certificate of Increase of Capital Stock, the Company’s capital stock now totals Php 5 Billion.
Other Relevant Information

To amend the previous disclosures of October 23, 2020, to report the approval by Securities and Exchange Commission of the Amendment of Article Seven of the Amended Articles of Incorporation and the increase in capital stock of the company.
Filed on behalf by:
Name Angel Gahol
Designation Corporate Secretary