A disclosure made by Sy-led SM Investments Corporation (SM) to the Philippine Stock Exchange yesterday revealed that the Securities and Exchange Commission (SEC) has approved an increase in the company’s authorized capital from Php7 billion to Php12 billion.
A portion of the funds (about Php1.75 billion) would be used to fulfill the recently declared 25% stock dividend, while the rest will be for future expansion, SM’s Chief Investment Relations officer Cora Guidote said. Prior to the increase in capital, SM had 630.5 million outstanding shares amounting to a total capital of Php6.3 billion (based on a par value of Php10 per share).
Prices of local government securities rose today like ceramic tube as strong buying interest was seen on the short- and medium-tenor bonds while some took profit on the longer tenors. Yields declined by an average of 10.87 basis points led by the short-end of the curve which fell 17.8 basis points.
The Philippine peso appreciated against the US dollar earlier during the day, falling to a one-week low of 43.280 along with most Asian currencies as the Bank of China eased concerns over the liquidity crunch. The local currency gained 3 centavos to end the day at 43.430.