Metro Global’s Huge Losses
Far Eastern University Inc. (PSE: FEU) has authorized capital stock (ACS) of 20 million common shares with par value of PhP100 per share. Of the university’s ACS, 1,510 subscribed to 11,160,637 common shares of which 1,467 are Filipinos and 43 are foreigners – 23 Americans, 12 Canadians, six Chinese, and seven Australians. FEU classified one under “others.”
While 1,467 Filipinos were reported in FEU’s general information sheet (GIS) to have paid for 16,288,045 subscribed common shares, or 98.86 percent, 19 of them subscribed to 10,971,659 FEU common shares or 66.59 percent and 1,448 to 5,316,386 FEU common shares, or 32.27 percent. FEU defined 5,316,386 FEU common shares as the “number of shares in the hands of the public.”
FEU’s 43 foreigner stockholders paid for their subscription to 188,978 common shares.