Metro Alliance Invites Stockholders to Subscribe to Remaining Unissued Capital Stock
The Board of Directors of Metro Alliance Holdings & Equities Corp. (PSE: MAH) decided to make a call for the existing stockholders to subscribe to the remaining unissued capital stock of the company.
Metro Alliance has authorized capital stock of PhP1,200,000,000 with par value of PhP1.00 per share out of which 306,122,449 shares are fully paid up/outstanding, leaving 893,877,551 as unissued/unsubscribed. Existing stockholders now can subscribe at the ratio 2.91 shares per 1 share a stockholder holds at the price of PhP1.00 per share, which is the par value under the Articles of Incorporation.
Though not required by law, the Board decided to submit this for stockholders ratification on November 16, 2018 to make everything transparent and above board. Thus implementation will be sometime after November 16, 2018 and after the Board has set the procedure/policy regarding the period within which to subscribe and pay. The proceeds/amount that will be raised will be for working capital purpose.
