Asiatrust issuing shares for new investors, business ventures

MANILA, Philippines - Asiatrust Development Bank plans to issue new shares for the entry of new investors and its engagement in new ventures, the company told the Philippine Stock Exchange (PSE).

Asiatrust corporate secretary Isabelita Ching-Sales said the bank’s board has approved “the issuance of not more than 10 percent of the outstanding capital stock of the corporation in anticipation of new business ventures as a holdings company.”

The board also authorized two of its officers, Dionisio Ong and Roland Garcia, to look for prospective investors to sign, execute and deliver any and all documents and requirements for the purpose of such investments.

The company also informed the PSE that it had already applied to change its corporate name to NextGenesis Corp. and other related amendments to its articles of incorporation.

“We target to finish the process within February. We will advise the Exchange as soon as the approval is secured from the Securities and Exchange Commission,” it said.

Likewise, it said it had formally surrendered to the Bangko Sentral ng Pilipinas its banking and trust license.

The company is currently undertaking the liquidation of its trust assets.

Last Jan. 23, its board approved the company’s reorganization plan through the reduction of its authorized capital stock by way of reduction of the par value of the common shares from P10 to P0.64 per share.

As a result of such decrease in authorized capital stock, it will remain as a holding company and will continue to be owned by the same shareholders.

The reorganization, it noted, would however result in a smaller capitalized company with a clean balance sheet.