stok tots: sino (17 may 2013)

sino disclosed to the pse additional info on its bored's decision to reduce the par value of its shares from 1 peso to 25 centavos ... as follows:

the proposed Par Value Reduction will transfer Seventy-Five Centavos (P0.75) out of every One Peso (P1.00) in paid capital from the Capital Stock account to Additional Paid-In Capital. The resulting increased Additional PaidIn Capital balance may then be subsequently applied towards the reduction or elimination of the Corporation’s Deficit via a quasi-reorganization.

http://www.pse.com.ph/resource/disclosures/2013/pdf/dc2013-4061_SINO.pdf

it is estimated that the approval of the sec will be given around 5 august 2013 ... what sino will do after that .. is quite interesting to follow ...

the plot thickens ....

previous posts on sino:

-  stok tots: sino (10 may 2013)
- a stock pick for 2014 (27 apr 2013)