C06769-2017 |
Title of Each Class | Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding | |
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Common | 1,821,542,000 |
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Subject of the Disclosure |
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Investment in shares of stock of a new subsidiary |
Background/Description of the Disclosure |
Incorporation of a new wholly-owned subsidiary to be known as Solid Test Lab Services, Inc. |
Date of Approval by Board of Directors |
Nov 9, 2017 |
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Rationale for the transaction including the benefits which are expected to be accrued to the Issuer as a result of the transaction |
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To set-up the testing laboratory business of the Group as a separate company. As a separate entity, Solid Test Lab will be known for its core competence as a testing and would be calibration laboratory; thus, will allow the new company to do business with various brands/companies and perform testing on other products/materials. |
Date | TBA |
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Manner |
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Subscription to the shares of stock of the new company |
Description of the company to be acquired or sold |
It will engage in the operation of a product safety, performance and quality testing laboratory |
Number of shares to be acquired or disposed | 400,000 |
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Percentage to the total outstanding shares of the company subject of the transaction | 100 |
Price per share | 100 |
Nature and amount of consideration given or received |
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Cash of Php10,000,000.00 representing paid-up capital |
Principle followed in determining the amount of consideration |
Shares at par value |
Terms of payment |
Subscription payment for the subscribed shares will be paid upon completion of the relevant conditions precedent |
Conditions precedent to closing of the transaction, if any |
Standard conditions precedent to share subscription / purchase transactions, including corporate approvals |
Any other salient terms |
- |
Name | Nature of any material relationship with the Issuer, their directors/ officers, or any of their affiliates | |
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- | - |
Effect(s) on the business, financial condition and operations of the Issuer, if any |
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To rationalize and improve the efficiency of the testing lab business of the group. |
Other Relevant Information |
Authorized capital stock of the new company is Php40,000,000.00 divided into 400,000 shares |
Name | MELLINA CORPUZ |
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Designation | SVP & CHIEF ACCOUNTING OFFICER |