Listed firm Lorenzo Shipping Corp. has applied to the Securities and Exchange Commission (SEC) to raise its authorized capital stock to P2 billion, seeking to strengthen its capital base and support future operations.

“The company filed with the Securities and Exchange Commission its application for the increase of authorized capital stock from P991 million to P2 billion,” Lorenzo Shipping said in a disclosure said in a stock exchange disclosure on Tuesday. 

The increase translates to an additional P1.01 billion, which will expand the company’s authorized shares from 991.18 million common shares with a par value of P1.00 each to two billion common shares with the same par value.

P252.20 million has already been subscribed out of the capital hike. National Marine Corp., which is also Lorenzo Shipping’s parent firm, paid P151.50 million out of its subscription, funds that the company has received.

Lorenzo Shipping, a domestic shipping line, said the capital infusion is expected to strengthen its financial position and provide flexibility for operational requirements and future expansion. 

The company operates a fleet of container vessels and offers inter-island cargo transport services, primarily serving the major ports.