MILLENNIUM Global Holdings, Inc. has secured the approval of its stockholders to increase its authorized capital stock to an amount not exceeding P10 billion.
In a regulatory filing on Monday, the company said its stockholders had granted the change in its stock to up to P10 billion, divided into 100 billion shares, and with a par value of 10 centavos per share.
Millennium Global said the amount is yet to be determined by its board of directors, but will not exceed P10 billion.
The new figure is an increase from the company’s previous authorized capital stock of P250 million, divided into 2.5 billion shares, at a par value of 10 centavos per share.
The company added that the stockholders also approved the subscription to at least 25% of the stock by Yang Chi Jen, the company’s chairman, at 20 centavos per share.
“The number of shares to be subscribed by Mr. Yang shall be determined after relevant board approval/s of the exact amount/s of the increase in authorized capital stock. The increase may be done in tranches, but not to exceed the total amount of P10 billion,” the company said.
According to the disclosure, the change aims to raise additional capital for its investments and operations.
Meanwhile, the company also announced that its principal office is now at Lot 9 Block 2 John St., Multinational Village, Paranaque City.
On Monday, shares of Millennium Global at the stock exchange rose 13.84% or P0.031 to end at P0.255 per piece. — Revin Mikhael D. Ochave