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Philippines : BANKGO SENTRAL allows SECURITY BANK to raise capital stock.

The Security Bank Corp. has secured the approval of the Bangko Sentral to increase its capital stock from P6 billion to P10 billion.

The bank said : 'Security Bank Corp. received today the approval of the Bangko Sentral ng Pilipinas on the amendment of SBC s articles of incorporation on the increase in authorized capital stock from P6 billion to P10 billion, divided into one billion common shares with a par value of P10 each.'

Authorized capital stock, which refers to the number of stocks that a firm may issue, is stated in a company's articles of incorporation, where changes may only be made with the approval of stockholders and regulators.

After it secured the approval from the central bank, Security Bank said the revised articles of incorporation would need the additional approval by the Securities and Exchange Commission.

It said : 'Upon the approval of the SEC of the amendment of the articles of incorporation authorizing the increase in capitalization, the bank can implement the payment of the 20-percent stock dividend with the setting of the record and payment dates.'

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Publication:Mena Report
Date:Oct 14, 2013
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