A special meeting of the Board of Directors of Globalport900, Inc. was called and held in May 4, 2012, where the Board approved the following items:
1. Implementation of the 28 September 2011 resolution of the Stockholders approving the amendment of Article Seventh of PORT’s Articles of Incorporation to further increase its authorized capital stock from P2,100,000,000.00 to P2,600,000,000.00 and authorizing the Corporate Secretary or the Assistant Corporate Secretary to cause for the filing of application for the approval of the Securities and Exchange Commission and other necessary documents to give effect to the resolution
2. Approval of the subscription by Sultan 900 to P125,000,000.00 of the increased authorized capital stock of P2,600,000,000.00, subject to stockholders’ approval and waiver of the requirement to conduct a rights or public offering for the subscription during the 7 June 2012 Annual Stockholders Meeting
3. Approval of the amendment of Article Seventh of PORT’s Articles of Incorporation to increase its authorized capital stock from P2,600,000,000.00 to P3,000,000,000.00 subject to the approval of the stockholders during the 7 June 2012 Annual Stockholders’ Meeting
4. Approval of the filing of an application for listing of the Corporation’s authorized capital stock or a portion thereof with the Philippine Stock Exchange in phases as may be later determined by the Board of Directors subject to the approval by the stockholders and waiver of the conduct of rights offering for the listing during the 7 June 2012 Annual Stockholders’ Meeting, superseding the Board approval to list 30% of the Corporation’s authorized capital stock approved during the 30 April 2012 Special Meeting of the Board of Directors.
5. Setting the record date for the 7 June 2012 Annual Stockholders’ Meeting on 1 June 2012.
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