LMG Chemicals Corp. said its board of directors had approved amendments to the company’s articles of incorporation to include a provision that says all its shares will have no preemptive right to purchase or subscribe to future stock issuances.
It told the stock exchange on Thursday that the new provision covers “any class and/or series now or hereafter authorized or reissued from treasury.” The approval of the board includes the change in the company’s corporate name to LMG Corp. Along with it is the change in the business purposes.
“The change in corporate name is in relation to the LMG’s plans to transform the company into a holding company,” it said.
“Considering LMG’s plans to transform the company into a holding company, its primary purpose should likewise be changed since it will no longer be engaged in the manufacturing processing, reprocessing, importing or exporting of any and all kinds of chemical and related products and goods, wares and merchandise of any and all kinds and nature whatsoever,” it added.
