Roxas Holdings OK capital hike, conversion of FirstPac notes to equity
Shareholders of Roxas Holdings Inc. have approved the increase in its authorized capital stock to P2 billion to accommodate the conversion of the convertible notes held by First Pacific Natural Resources Holdings B. V.
In a disclosure to the stock exchange, Roxas Holdings hiked its authorized capital stock to P2 billion from P1.5 billion. The shares are now divided into two billion common shares with a par value of P1 each.
The company will be converting the notes issued to First Pacific Natural Resources Holdings worth P523.75 million into equity. The conversion rate of the notes is P4.19 for every one common share. This result in the creation of 125 million new common shares that will be listed in the exchange.
The shareholders also approved the appointment of SGV as its external auditor.
The approval was granted during the company’s annual stockholders meeting held last week.