Security Bank issues P1-B preferred shares

Listed Security Bank Corp. will start seeking regulatory approvals for its planned capital hike, which came after it secured go signal from shareholders to issue P1-billion worth of preferred shares.

A disclosure to the Philippine Stock Exchange showed that shareholders of Security Bank approved on Tuesday the creation of one billion preferred shares with par value of 10 centavos. The preferred shares will be voting, noncumulative, nonparticipating, and nonconvertible.