MANILA, Philippines—Ayala Corp. is planning to beef up its authorized capital stock to P56.2 billion from P37 billion, giving the diversified conglomerate more room to raise funds for expansion.
Ayala disclosed on Tuesday that its board of directors had approved the increase in the number of common shares to 900 million from 596 million with a par value of P50 per share.
Likewise approved was the creation of 40 million in new preferred shares with a par value of P100 per share and with the same basic features as its previous series of preferred shares.
Preferred shares are given preference over common stocks in the distribution of dividends.
Ayala plans to amend its bylaws to reflect the increase in shares during the annual stockholders meeting on April 18.
Likewise approved by the board was the declaration of a 20 percent stock dividend to all common stockholders to be issued by the increase in the authorized capital stock.