C05125-2017 |
Title of Each Class | Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding | |
---|---|---|
COMMON SHARE | 1,247,999,999 |
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 |
---|
Approval of additional share subscription to the made in the proposed increase in the authorized capital stock of the Company's subsidiaryk SBS Holdings and Enterprises Corporation (SHEC) |
Background/Description of the Disclosure |
Approval to subscribe to an additional 80,625,000 common shares of the proposed further increase in the authorized capital stock of SHEC from the current P5.5 billion to P5,822,500,000.00 |
Date of Approval by Board of Directors |
Aug 14, 2017 |
---|
Rationale for the transaction including the benefits which are expected to be accrued to the Issuer as a result of the transaction |
---|
The additional share subscription by the Company is to provide for additional equity funding to SHEC . |
Date | TBA |
---|
Manner |
---|
The subscription shall be payable in cash |
Description of the company to be acquired or sold |
SHEC is a wholly owned subsidiary of the Company |
Number of shares to be acquired or disposed | 80,625,000 |
---|---|
Percentage to the total outstanding shares of the company subject of the transaction | 5.12 |
Price per share | P1.00 par value |
Nature and amount of consideration given or received |
---|
P80,625,000.00 in cash |
Principle followed in determining the amount of consideration |
Based on par value |
Terms of payment |
Payable upon SEC approval of the increase in the authorized capital stock of SHEC to P5,822,500,000.00 |
Conditions precedent to closing of the transaction, if any |
Prior approval of the Securities and Exchange Commission of the increase in capital stock of SHEC |
Any other salient terms |
None |
Name | Nature of any material relationship with the Issuer, their directors/ officers, or any of their affiliates | |
---|---|---|
SBS Holdings and Enterprises Corporation | Subsidiary |
Effect(s) on the business, financial condition and operations of the Issuer, if any |
---|
none |
Other Relevant Information |
none |
Name | REGINA SIMONA DE GUZMAN |
---|---|
Designation | GENERAL COUNSEL & COMPLIANCE OFFICER |