Holding firm APC Group Inc.long speculated to be the SM groups future vehicle for energy assetshas approved a corporate restructuring program designed to wipe out the companys P7.73-billion capital deficit.
In a disclosure to the Philippine Stock Exchange, APC said it had approved an amendment to the companys by-laws to reduce the par value of common and preferred shares from P1 to one centavo.
This is much more aggressive than the reduction in par value contemplated in the past, which was meant to fast-track the elimination of its capital deficit.
In the disclosure, APC said the reduction in par value will generate sufficient additional paid-in capital to wipe out the companys capital deficit.
APC is 46.59-per…
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