MANILA - SM Investments Corp. on Tuesday said it received approval from the Securities and Exchange Commission (SEC) to increase its authorized capital stock.
SM said the planned 133 percent increase will hike capital stock to P28 billion from P12 billion.
The increase will give SM enough unissued capital stock to declare P4 billion stock dividend as well as the capability and flexibility for any future capital initiatives.
SM also recently obtained approval to consolidate all its retail businesses under SM Retail Inc.
SM Investments shares closed higher by 0.6 percent to P1,010 per share on Tuesday.