Home Corporate Synergy Grid hikes capital stock to P5.05 billion

Synergy Grid hikes capital stock to P5.05 billion

THE capital stock has par value of P1 apiece. — BW FILE PHOTO

LISTED Synergy Grid & Development Phils., Inc. has increased its capital stock to P5.05 billion from its previous P50 million, the firm told the local bourse on Monday.

The capital stock has par value of P1 apiece. Its board of directors previously approved of the hike on Nov. 14, 2019, and garnered support from stockholders owning at least two-thirds of the outstanding capital stock on Dec. 20, 2020.

On Monday, Synergy Grid shared with the local bourse its certificate increasing the capital stock.

In its amended articles of incorporation, the company cleared the issuance of 4.1 billion common shares from its authorized capital stock to Chairman and President Henry Sy, Jr. and one of the firm’s directors Robert G. Coyiuto, Jr. They were referred to as the “subscribers.”

“[It is] resolved further that the corporation be authorized to receive from the subscribers the shares they respectively own in OneTaipan Holdings, Inc. or Pacific21 Holdings, Inc. which represent 67% of the total issued and outstanding capital stock of each of OneTaipan and Pacifica21, in exchange for and in full consideration of the Corporation’s common shares,” Synergy Grid’s articles of incorporation stated.

Synergy Grid reported a net loss of P1.99 million for 2020, a reversal of its P1.95-million income the year before, after incurring losses from operations amid the global health emergency.

Based on an audited financial statement shared with the stock exchange, the Sy-led firm said that it recorded a loss of P1.17 million from operations last year, swinging from its previous income of P3.89 million in 2019. — Angelica Y. Yang