The capital hike was in line with the spin off of the company’s pulp and paper assets as approved by Picop’s stockholders.
The new capitalization consists of six million common shares and four million preferred shares both with a par value of P100 each.
PICOP was given a new lease on life after paying the required P12 million in filing fee for the renewal of its business registration. The filing fee represents one fifth of one percent of the authorized capital stock of PICOP.
The firm’s failure to renew its corporate license resulted in the suspension by the Philippine Stock Exchange of trading of PICOP shares. This was also used as a reason by the Department of Environment and Natural Resources to hold PICOP’s integrate forest management agreement (IFMA) after its timber license agreement expired last April 25.
Controlled by the Bernardino family, PICOP operates its milling plant and wood plantation in Bislig, Surigao del Sur.
Once Southeast Asia’s largest integrated wood and paper milling company, it was listed in 1973 and transformed into a holding firm in 1997 as it ventured into particleboard manufacturing and palm oil plantation. – Zinnia dela Peña