[ Manila Bulletin Online ] March 20, 2008
By FIL C. SIONIL
Bank of the Philippine Islands (BPI) is increasing by close to 70 percent its authorized capital stock (ACS) from the present level of P29 billion to P49 billion aimed to maintain its standing as the country’s second largest lender.
In a disclosure to the Philippine Stock Exchange (PSE), BPI management said the hike in the common stock plus a 20 percent declaration in stock dividend will be put forward for approval in the bank’s forthcoming shareholders’ meeting next month.
The BPI management team is headed by Aurelio Montinola III, President and Chief Executive Officer. Its major stockholder is the Ayala Group.
BPI said "at least 25 percent" the increases in ACS will be "fully subscribed and fully paid."
aBut, market specialist Astro del Castillo believed the BPI is undertaking the increase to inject additional financial boost to support its expansion program.
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