During the Special Stockholders Meeting of Arthaland Corporation (the “Corporation”) held today, stockholders representing at least sixty-seven percent (67%) of the Corporation’s outstanding common and preferred shares which are entitled and qualified to vote APPROVED the proposal to amend Article SEVENTH of the Articles of Incorporation by increasing the Corporation’s authorized capital stock by P50,000,000.00 with the creation of 50.0M preferred shares with a par value of P1.00 per share.
It was also recalled during the same Special Stockholders Meeting that the stockholders had approved during the Annual Stockholders Meeting held on 24 June 2022 the amendment of Article SEVENTH of the Articles of Incorporation for purposes of decreasing the Corporation’s authorized capital stock by P20,000,000.00 to cancel the 20.0M Preferred Shares Series B that had been redeemed in December 2021 from the holders thereof. The approval granted on 24 June 2022 has not been revoked and remains valid to date, and so stockholders representing at least sixty-seven percent (67%) of the Corporation’s outstanding common and preferred shares which are entitled and qualified to vote CONFIRMED and RATIFIED said earlier approval.
With the stockholders’ approval granted at today’s Special Stockholders Meeting and the ratification of their approval during the Annual Stockholders Meeting held on 24 June 2022, the total authorized capital stock of the Corporation should now be P3,026,257,135.82 divided into P2,946,257,135.82 of common shares consisting of 16,368,095,199 common shares with a par value of P0.18 per share, and P80,000,000.00 of preferred shares consisting of 80,000,000 preferred shares with a par value of P1.00 per share. |