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Listed Alliance Global Group Inc.
said it will reclassify unissued common shares into preferred shares
pending approval from its shareholders, the company said Tuesday.
In a
disclosure to the Philippine Stock Exchange, the holding firm said
its board of directors approved the amendment to the articles of
incorporation that will enable it to reclassify a total of 30
million unissued common shares with a par value of P1 a share.
According to
Alliance Global, these unissued common shares would be reclassified
into P3-billion worth of preferred shares with a par value of one
centavo a share.
“The
preferred shares shall be voting, cumulative, nonparti-cipating,
nonconvertible and nonredeemable and shall have preference over
common shares in case of liquidation or dissolution of the
company,” the disclosure said.
Moreover, the
preferred shares may be issued “from time to time” in one or
more series that may be determined by the board.
The amendment
to the articles of incorporation would have to be approved by the
company’s shareholders, Alliance Global said.
 --Likha
C. Cuevas
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