MRC Allied Inc., led by mining magnate Salvador “Buddy” Zamora II, has received regulatory approval from the Securities and Exchange Commission (SEC) to implement a tenfold increase in the par value per share of its capital stock.
This strategic move is designed to foster greater involvement from institutional investors.
MRC confirmed that it has obtained SEC clearance for the modification of its articles of incorporation, increasing the par value per share from P0.10 to P1.00 through a reverse stock split.
Following this amendment, the corporation’s capital stock now stands at P1.5 billion, divided into P1.5 billion shares, each with a par value of P1 per share.
The decision to raise the par value aims to streamline the company’s total issued and outstanding shares to align more suitably with industry standards. This move is intended to stimulate interest and engagement from institutional investors.
Comments