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Listed firm Multitech Investments Corp. told the
Philippine Stock Exchange it is changing its main business from an
investment company to that of a mining firm.
According to its disclosure,
Multitech will change its corporate name to Minerales Industrias
Corp. in conjunction with the shift from its primary purpose.
The firm said its stockholders
have agreed to increase its authorized capital stock to P740 million
divided into 740 million shares with par value of P1 each from P240
million divided into 240 million shares with par value of P1 each.
The Multitech’s stockholders
have also authorized the board to accept subscriptions to increase
the capital stock by way of private placements or stock rights
offering and to determine the private placement investors to whom
these shares would be issued.
The board is also authorized to
issue shares to be swapped for cash, shares, securities properties
and other assets, which may be needed by the company.
Multitech was formerly Armstrong
Holdings Inc. and had interests in financial trading and financial
services-related e-commerce business. It is engaged in investment in
real and personal property and management of any business, joint
ventures, firm partnerships, corporations, institutions, or
entities.
It made its first strategic
investment through the acquisition of the 20-percent stake in
Armstrong Securities, Inc. in partnership with EBC Capital Corp.
--Likha C. Cuevas-Miel
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