THE Securities and Exchange Commission (SEC) has cleared Greenergy Holdings, Inc.’s authorized capital stock increase to P5 billion, from P2 billion previously, according to the firm.

In a regulatory filing on Monday, Greenergy said it received from the corporate regulator a certificate of approval dated Sept. 17.

The company said its capital stock now stands at P5 billion, divided into 4.9 billion common shares at P1 apiece, and one billion preferred shares with a par value of 10 centavos per share.

Majority of the firm’s board of directors previously gave the go signal for the capital stock hike two years ago.

In the same disclosure, Greenergy said SEC also gave the green light for the firm to reduce the number of directors to nine with two independent ones, from 11 with two independent directors previously.

The Antonio L. Tiu-led firm previously forged a share purchase deal with ABS-CBN Corp. to acquire the media company’s 51 million shares of stock in financial technology firm U-Pay Digital Technologies, Inc.

The move will allow Greenergy to own 51% of U-Pay’s outstanding capital stock.

In July, the company signed a marketing services deal with telecommunications provider DITO Telecommunity Corp.

Under the arrangement, Greenergy will be providing online and offline lead generation services by commission for the telco’s programs and services.

Greenergy shares at the local bourse were unchanged at P2.24 apiece on Monday. — Angelica Y. Yang