C08350-2020 |
Title of Each Class | Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding | |
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The Exchange does not warrant and holds no responsibility for the veracity of the facts and representations contained in all corporate disclosures, including financial reports. All data contained herein are prepared and submitted by the disclosing party to the Exchange, and are disseminated solely for purposes of information. Any questions on the data contained herein should be addressed directly to the Corporate Information Officer of the disclosing party.
Subject of the Disclosure |
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Approval of the amendment of the Second Article of the Amended Articles of Incorporation |
Background/Description of the Disclosure |
We are pleased to advise that the Securities and Exchange Commission approved, on November 24, 2020 , the Company’s Amended Articles of Incorporation containing the amendment to the Second Article, in particular the primary purpose clause, to: (a) reflect the current focus of the Company’s business, which is the provision of telecommunications services through trending and constantly evolving technologies and innovative products and services, and (b) allow sufficient flexibility for its business units to design their operations and expand their products and services by constantly transforming the Company from being the country’s leading telecommunications company to a dynamic and customer-centric multi-media organization. |
Date of Approval by Board of Directors |
Apr 8, 2020 |
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Date of Approval by Stockholders | Jun 9, 2020 |
Other Relevant Regulatory Agency, if applicable | Favorable endorsement of the amendment by the National Telecommunications Commission |
Date of Approval by Relevant Regulatory Agency, if applicable | N/A |
Date of Approval by Securities and Exchange Commission | Nov 24, 2020 |
Date of Receipt of SEC approval | Nov 24, 2020 |
Article No. | From | To | |
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Second | That the purposes for which said corporation is formed are to install, maintain, and operate plants, lines, instruments, cables, stations, exchanges, apparatus and any all kinds of equipment, or contrivances, for communications, and the transmission of messages, pictures, impressions, and signals, or any other means which may hereafter be used for communications in their stead; to install, maintain, operate, or lease, in whole, or in part, telephone lines and systems and all other systems and lines of communication, and to purchase, sell and deal in all kinds of apparatus and objects and products which may be advantageously combined with the building, installing and operation of those systems and lines and in general, to.... | That the purpose for which said corporation is formed, is to carry on the business of providing in and among provinces, cities, and municipalities in the Philippines and between the Philippines and other countries and territories, basic and enhanced telecommunications services such as, but not limited to (a) fixed line telecommunications services including dedicated internet access, broadband solutions, content delivery and internet protocol peering, domestic and international private networking, and voice communications solutions, and (b) wireless telecommunications services including cellular service, wireless broadband service, wireless fidelity enablement, and mobile virtual network operations, through.... |
Rationale for the amendment(s) |
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The Amendment of the Second Article is to: (a) reflect the current focus of the Company’s business, which is the provision of telecommunications services through trending and constantly evolving technologies and innovative products and services, and (b) allow sufficient flexibility for its business units to design their operations and expand their products and services by constantly transforming the Company from being the country’s leading telecommunications company to a dynamic and customer-centric multi-media organization. |
Expected date of filing the amendments to the Articles of Incorporation with the SEC | Sep 28, 2020 |
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Expected date of SEC approval of the Amended Articles of Incorporation | Nov 24, 2020 |
Effect(s) of the amendment(s) to the business, operations and/or capital structure of the Issuer, if any |
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Please refer to the rationale of the amendment. |
Other Relevant Information |
Amendment to indicate the date of approval by the Securities and Exchange Commission of the amendment of the Second Article of the Amended Articles of Incorporation. |
Name | Ma. Lourdes Rausa-Chan |
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Designation | Corporate Secretary and Chief Governance Officer |