[ Manila Bulletin Online ] April 1, 2008
By ANA MARIE MACUJA
Rockwell Land Corporation is increasing its authorized capital stock from P6 billion to P9 billion to accommodate the infusion of additional capital from the shareholders of the company.
A petition for capital increase filed with the Securities and Exchange Commission (SEC) showed Rockwell Land will create an additional 2.89 billion common shares with a par value of P1 each and some 11 billion preferred shares with a par value of P0.01 apiece to reflect the capital hike.
Rockwell Land told the SEC that shareholders Manila Electric Company (Meralco), First Philippine Holdings, Inc. (FPHI), and Benpres Holdings Corporation will subscribe to P750 million of the enlarged capital.
Meralco’s additional subscription consists of P368.47-million worth of common shares and P14.02-million worth of preferred shares. The utility firm owns 51 percent of Rockwell Land.
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