Century Properties Group Inc. on Friday announced that its board has approved an increase in its authorized capital stock from 10 billion shares to 18 billion at a par value of P0.53 apiece.

In a disclosure to the Philippine Stock Exchange,the company said its board approved the capital increase with the declaration of a 25-percent stock dividend equivalent to 2 billion common shares amounting to P1.06 billion to be taken out of the company’s retained earnings.

“This amount represents at least the minimum 25 percent subscribed and paid-up capital for the increase of authorized capital stock from 10 billion to 18 billion,” the disclosure read.

The board resolution requires the approval of regulators and of two-thirds of the outstanding capital stock of shareholders during the annual stockholder’s meeting, which will be held on July 1.

The company disclosed that the board delegated to the chief finance officer the authority to fix the record date and payment dates.

In the same board meeting, the directors also approved the establishment of an Employee Stock Grant Plan (ESGP) which will be reviewed and endorsed by Century Properties’ compensation and remuneration committee.

Source: GMA News Online | May 17, 2013