Mandaluyong—(PHStocks)—The Board of Directors of Philippine Seven Corp. (PSE: SEVN), in its Special Meeting of June 16, 2017, has approved a stock dividend declaration of 65% of the outstanding capital stock of the corporation of 458,435,323 shares or equivalent to 297,982,960 common shares with par value of PhP1.00 per share.
The board has also approved the issuance of 297,982,960 common shares with par value of PhP1.00 per share of the corporation for distribution as stock dividend. Any fractional shares resulting from the stock dividend shall be rounded off to the nearest one (1), following the rules of rounding off.
The record date for entitlement to stock dividend will be set by the Securities and Exchange Commission (SEC) in connection with its approval of the Corporation’s application for increase in authorized capital stock. Payment date of the stock dividend will be set not later than 18 trading days after the Record Date.