Metro Pacific Investments Corp. is increasing its authorized capital stock by P10 billion to P40.05 billion from P30.05 billion in preparation for additional fund raising activities.
Metro Pacific said in a regulatory filing with the Philippine Stock Exchange the proposed increase in the company’s authorized capital stock would be one of the major items subject to shareholders approval during the company’s annual stockholders meeting next month.
“The increase in authorized capital stock of the company will enable the company to carry out further equity fund raising,” Metro Pacific said.
Metro Pacific, which has investments in toll roads, hospitals, power generation and water distribution, is currently on expansion mode as it plans to bid for more infrastructure projects under the public-private participation program.
Metro Pacific said it would seek shareholders approval to reclassify 150 million Class B preferred shares with par value of P1 per share into 15 billion Class A preferred shares with par value of P0.01 apiece.
This will decrease the number of Class B preferred shares to 1.35 billion from 1.5 billion and correspondingly increase the number of Class A preferred shares to 20 billion from 5 billion.
“The purpose of the reclassification is to broadly maintain the historical ratio of preference shares relative to each class and the common shares of the company following recent capital raising exercises, as well as reduce the number of outstanding preferred shares that are convertible to the common shares,” Metro Pacific said.