Manila Water Co. Inc. said its board approved in a just-concluded special meeting an increase of the Ayala subsidiary’s capital stock to P4.4 billion from P3.1 billion.
The company said in a disclosure to the Securities and Exchange Commission that the move was subject to stockholders’ approval and would be on the table at their annual meeting this coming April.
The board also approved a three-folds increase of carved-out shares to 900 million unissued common shares from 300 million, as well as the issuance of such for “‘for cash, properties, or assets to carry out’ the corporate purposes of the company.”
This was disclosed after Manila Water sought voluntary trading of suspension on Friday (Jan. 31) until 10 am next trading day, Feb.3.
Edited by TSB