To accommodate LBC’s backdoor list
The board of directors of Federal Resources Investment Group Inc. Is increasing its authorized capital stock to P2 billion from the current P100 million in a bid to house the backdoor listing of Araneta-owned courier and freight forwarding offerings company LBC Express Inc.
The growth in authorized capital inventory to P2 billion is a lot lower than the P3 billion to begin with set throughout the enterprise’s annual stockholders meeting earlier this month.
“During the special board assembly of the board of directors of the company held on September 18, 2015, the board of directors of the corporation resolved to set the amount of the boom in legal capital stock to P2 billion divided into 2 billion stocks with par value of P1 consistent with proportion,” the organisation said in a disclosure to the Philippine Stock Exchange (PSE).
The flow still requires the approval of the Securities and Exchange Commission.
The board also accredited Deeds of Subscription with protecting company LBC Development Corp., following the difficulty of Federal Resources’ shares to LBC to pave the way for its backdoor listing at the PSE.
The first includes the problem of 475 million commonplace stocks worth P1 each out of the growth within the authorized capital inventory, even as the other could be an difficulty of 671.873 million commonplace stocks at P1 in step with percentage from the unissued legal capital inventory, so that it will be subscribed right after the SEC approves the hike in legal capital.
The board of directors of Federal Resources Investment Group Inc. Is increasing its authorized capital stock to P2 billion from the current P100 million in a bid to house the backdoor listing of Araneta-owned courier and freight forwarding offerings company LBC Express Inc.
The growth in authorized capital inventory to P2 billion is a lot lower than the P3 billion to begin with set throughout the enterprise’s annual stockholders meeting earlier this month.
“During the special board assembly of the board of directors of the company held on September 18, 2015, the board of directors of the corporation resolved to set the amount of the boom in legal capital stock to P2 billion divided into 2 billion stocks with par value of P1 consistent with proportion,” the organisation said in a disclosure to the Philippine Stock Exchange (PSE).
The flow still requires the approval of the Securities and Exchange Commission.
The board also accredited Deeds of Subscription with protecting company LBC Development Corp., following the difficulty of Federal Resources’ shares to LBC to pave the way for its backdoor listing at the PSE.
The first includes the problem of 475 million commonplace stocks worth P1 each out of the growth within the authorized capital inventory, even as the other could be an difficulty of 671.873 million commonplace stocks at P1 in step with percentage from the unissued legal capital inventory, so that it will be subscribed right after the SEC approves the hike in legal capital.
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