C04084-2023 |
Title of Each Class | Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding | |
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Common Shares | 776,465,281 |
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Subject of the Disclosure |
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Investment in Preferred Shares of ATYC, Inc. |
Background/Description of the Disclosure |
As previously disclosed, the House of Investments BOD approved during the May 19 meeting for HI to invest in PhP1 billion preferred shares in ATYC, Inc. |
Date of Approval by Board of Directors |
May 19, 2023 |
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Rationale for the transaction including the benefits which are expected to be accrued to the Issuer as a result of the transaction |
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The additional investment will be used to reduce the loans in ATYC, Inc. This will reduce interest payment and exposure to market risk. |
Date | TBA |
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Manner |
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Subscription of preferred shares to be issued from unsubscribed and unissued capital stock. |
Description of the company to be acquired or sold |
ATYC, Inc. is a wholly owned subsidiary of House of Investments. It was incorporated in 2022 and owns the A.T. Yuchengco Centre in BGC. |
Number of shares to be acquired or disposed | 10,000,000 |
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Percentage to the total outstanding shares of the company subject of the transaction | - |
Price per share | 100 |
Nature and amount of consideration given or received |
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PhP1 billion of cash in exchange for 10,000,000 preferred shares. |
Principle followed in determining the amount of consideration |
Subscription at par value. |
Terms of payment |
Cash |
Conditions precedent to closing of the transaction, if any |
None |
Any other salient terms |
None. |
Name | Nature of any material relationship with the Issuer, their directors/ officers, or any of their affiliates | |
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N/A | N/A |
Effect(s) on the business, financial condition and operations of the Issuer, if any |
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Reduced market risk exposure and interest expense of a wholly owned subsidiary. |
Other Relevant Information |
None |
Name | Ma. Esperanza Joven |
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Designation | Vice President |