MANILA, Philippines--Technology company Information Capital Technology Ventures Inc. (ICTV) seeks to elevate its listing on the Philippine Stock Exchange (PSE) to the main or first board which is reserved for companies with sufficient scale and profitability track record.

In a disclosure to the PSE yesterday, ICTVI said its board of directors had approved a petition to transfer from the second board to the first board of the local bourse alongside an aggressive recapitalization program.

The board of ICTVI, which was originally listed on the PSE's small and medium enterprise (SME) board and only graduated to the second board in June last year, also approved an amendment in its bylaws so as to increase the company's authorized capital stock to P4 billion from the current P1.32 billion. It also seeks the listing of additional shares from the increase.

The amendment to the bylaws will still need an imprimatur from the Securities and Exchange Commission while the final word on board transfer is up to the PSE which is a self-regulatory organization.