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Filinvest to purchase P3B in East West Bank shares

    Published : Friday, January 20, 2012 00:00 [ ]

GOTIANUN-led Filinvest Development Corp. will subscribe to the capital stock hike of its banking unit East West Bank Corp. (EWBC).

In a disclosure to the Philippine Stock Exchange, FDC said that its board authorized the conglomerate to subscribe to up to 300 million common shares worth up to P3 billion.

The shares will be issued out of the increase in the EWBC’s authorized capital stock from P8 billion to P20 billion, subject to the approval of the Bangko Sentral ng Pilipinas and the Securities and Exchange Commission.

The Filinvest Group is engaged in the businesses of real estate, financial services, hospitality services, sugar farming and milling, and power generation.

FDC registered a consolidated net income of P3.13 billion for the first nine months of 2011 from P3.81 billion, which included the one-time extraordinary gain of P510 million.

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