C01588-2017 |
Title of Each Class | Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding | |
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Common Shares | 1,616,666,665 |
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Subject of the Disclosure |
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PRIMEX CORPORATION & AFFILIATE ALLOCATES P 100 M FOR PRMX SHARES |
Background/Description of the Disclosure |
The Board of Directors of Primex Corporation, in a special meeting held on March 20, 2017, 2:00 pm., approved a resolution to allocate p 50 m. for a share buy-back program. The amount of P50 Million will be taken out from the retained earnings of the company and the shares shall be lodged as treasury shares. These treasury shares may be reissued in the future for fund-raising purposes, subject to the discretion of the board. |
Other Relevant Information |
In a supporting move, company affiliate Primex Development Corporation, with practically the same principals as Primex Corporation, also approved a resolution to purchase another Php 50 Million from the open securities market. |
Name | Ericson Ang |
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Designation | Vice President |