Gatchalian hotel firm raises capital stock to P2.01B

Gatchalian-led Acesite Philippines Hotel Corp. has approved an increase in the firm’s authorized capital stock to P2.01 billion from P310 million.

At the same time, Acesite said its board likewise approved the declaration of a 300 percent stock dividend or three common shares per one outstanding common share to stockholders as of a record date yet to be approved by the company and securities regulators.

In a disclosure to the Philippine Stock Exchange, Acesite said a special stockholders meeting will be held by the company on Sept. 26 to approve the twin proposals.

Acesite chairman Arthur Lopez earlier said the company was planning to raise its capitalization or undertake a stock rights offering to fund the continued rehabilitation of Manila Pavillion Hotel along United Nations Ave. in Ermita, Manila.

Manila Pavillion’s facelift, which will take three years to complete, will require funding of  between P60 million and P80 million.  Around P50 million has already been spent so far for the refurbishment of the hotel’s first four floors and public areas which include the lobby and some food and beverage outlets.