Belle Corp. subsidiaries move to trim down losses
- Details
- Category: Companies
- Published on Tuesday, 18 June 2013 19:41
- Written by VG Cabuag
Shareholders of Sinophil Corp. and APC Group Inc.—both subsidiaries of Belle Corp.—on Tuesday approved their capital restructuring measure by reducing the par value of their common shares to trim down their ballooning deficits.
Shareholders of APC, a company that has power generation and cement-manufacturing ventures, approved the par value reduction from P1 to P0.35 per share, while Sinophil will implement a cut from P1 to P0.25.
The said reduction will trim down the deficit of APC to just P2 billion from about P7.74 billion, according to Bernardo Lim, the company’s chief finance officer.
On the other hand, Sinophil’s deficit of P3 billion will be wiped out.
Belle owns 46.59 percent of APC and 44.06 percent in Sinophil.
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