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ALLIED Banking Corp. disclosed to the Philippine
Stock Exchange on Wednesday that its shareholders approved the
conversion of part of its debt to common shares and the subsequent
increase in the lender’s authorized capital stock.
The Lucio Tan-led bank said it
will convert $50-million worth of upper tier 2 subordinated notes to
2.8 million common shares at P1,000 per share. The lender also
secured shareholders’ waiver that the conversion need no longer
happen within 120 days of the approval.
The bank would also be increasing
its authorized capital stock from P500 million to P11 billion
divided into 11.5 million shares, 50,000 of which are non-voting
preferred shares.
--Likha C. Cuevas-Miel
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