SAN MIGUEL Corp.'s (SMC) board of directors has approved changes to the conglomerate's articles of incorporation to reclassify 300 million Series '1' Preferred shares to Series '2' Preferred shares.
SAN MIGUEL Corp.'s board of directors has approved changes to the conglomerate's articles of incorporation to reclassify 300 million Series '1' Preferred shares to Series '2' Preferred shares.The reclassification will allow SMC to issue additional preferred shares as a new Series '2' subseries, it said in a disclosure on Wednesday.The resulting preferred shares distribution will see Series '1' drop to zero while Series '2' will total 2,210,000,000.
'On the other hand, the Series '2' preferred shares allow for more flexibility for the company, through the approval of the board of directors of enabling resolutions, to determine the terms and conditions of the issuance based on prevailing market condition,' it added.The SMC board last month also amended the conglomerate's by-laws to delineate and identify the roles, functions and duties of the highest management positions in the company.
Miguel Board Oks Reclassification Of Shares
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