C02867-2018 |
Title of Each Class | Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding | |
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Common Shares | 1,249,139,678 |
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Subject of the Disclosure |
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Results of the Special Meeting of the Board of Directors held on April 26, 2018 |
Background/Description of the Disclosure |
We wish to advise the Exchange that in a meeting held today, April 26, 2018, the PNB Board of Directors approved the exchange of 6,000,000 common shares in PNB General Insurers Co., Inc. (“PNB Gen”) for 178,895,061 common shares in Allied Bankers Insurance Corporation (“ABIC”), subject to necessary regulatory approvals. We further advise the Exchange that the transaction is in line with the objective to synergize and combine the business operations of PNB Gen and ABIC. Upon completion of the transaction, the Bank will increase its ownership in ABIC from 4% to 22.7%. |
Other Relevant Information |
None. |
Name | Maila Katrina Ilarde |
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Designation | Corporate Secretary |