SEC approves reduction of Anscor capital stock

The Securities and Exchange Commission has approved the reduction in the capital stock of holding firm A. Soriano Corp. (Anscor) correspondingly decreasing the company’s number of listed shares at the Philippine Stock Exchange.

From four billion shares with a P1 par value, Anscor’s new capital base now stands at P3.464 billion, consisting of the same number of shares also valued at P1 par.

Anscor said the reduction in the authorized capital stock is the direct effect of the retirement of some 535.689 million treasury shares of the corporation.

The company has amended its articles of incorporation to reflect the change in its capital structure which was also approved by the SEC last Aug. 22.

Anscor said as such, "the number of listed shares in the official registry of the Exchange shall be reduced from 3,035,689,042 common shares to 2.5 billion common shares, which will become effective on Sept. 17.

Anscor is the investment holding firm controlled by the Soriano family with two principal corporate investments – its stake in port operator International Container Services Inc. and wire and cable producer Phelps Dodge Philippines Inc.

The company also has investments in power generation (Toledo Power), aviation (A. Soriano Aviation), tourism (Seven Seas Resorts and Leisure Inc.), real estate (Anscor Land) and information technology (SPI Technologies). –Conrado Diaz Jr.