The Philippines’ China Banking Corporation last week cut the par value of its shares from P100 to P10 in a 10-for-1 stock split of its common shares.
The reduction increased the bank’s authorized shares to 2 billion from 200 million. ChinaBank will also amend its capital structure to reflect an increase to 1.297 billion listed, issued and outstanding shares from 129 million shares. Its capital stock will remain unchanged at P20 billion, however.
“This is to align par value with the rest of Philippine banks. All listed banks have a par value of P10 per share, except Metrobank at P20,” said China Bank spokesman Alex Escucha. “This gives an apple-to-apple comparison.”
As a result of the 10-for-1 stock split of common shares, stock certificates will be released to stockholders starting September 27.
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