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Philippine Bank of Communications (PBC) Change in Par Value

In January 18, 2012, the Philippine Bank of Communications (PBC) Board of Directors approved the amendment of Article VII of the Company's Articles of Incorporation reducing the par value of the common shares from PhP100 per share to Php25 per share and the simplification of the shareholder structure (from having common and preferred shares of stock to just having one class of common shares of stock). The said amendment resulted in a quasi-reorganization of the Company. As a result of the reduction in par value, additional paid-in capital in the amount of Php3,944,922,375 will be created. Thsi amount can be fully used to offset against the Company's deficit which was at Php9,655,254,470 as of end December 2011.

The expected date of filing the amendment to the Articles of Incorporation with the Bangko Sentral ng Pilipinas is on or about April 12, 2012, while filing with the Securities and Exchange Commission (SEC) is on or about April 26, 2012. the expected date of SEC approval of the Company's Amended Articles of Incorporation is two months from submission with the SEC.
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"Philippine Bank of Communications (PBC) Change in Par Value" was written by Mary under the Banking category. It has been read 2655 times and generated 0 comments. The article was created on and updated on 13 April 2012.
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