Tycoon Lucio Tan-led Philippine National Bank has obtained approval from the Securities and Exchange Commission to beef up its authorized capital to P70 billion from P50 billion to make room for expansion.
By Miguel R. Camus
International Container Terminal Services Inc. (ICTSI), a listed ports operator headed by businessman Enrique Razon Jr., completed late Tuesday an overnight share offer that raised P8.19 billion to partly fund its expansion plans.
Last week, the Supreme Court issued an entry of judgment on its ruling in June 2011 on the issue of foreign ownership in PLDT where it held that the 60-40 (percent) nationality requirement in public utility corporations, in favor of Filipinos, refers to common shares entitled to vote in the election of directors, not to the totality of the company’s capital stock.
By Amy R. Remo
Phinma-led Trans-Asia Oil and Energy Development Corp. was able to raise P1.63 billion from the stock rights offering it concluded last week.
Tycoon Andrew Tan-led Alliance Global Group has cemented its controlling interest in property developer Megaworld Corp. by exercising its right to buy P3.07 billion worth of underlying shares attached to warrants held in the last three years.