ASIA United Bank (AUB) on Monday said that its board had approved an amendment to its articles of incorporation to increase its authorized capital stock to P72.50 billion from P14.70 billion, subject to shareholder approval.
The bank informed the bourse that the increase “will support future business expansion in line with the bank’s strategies and directions.”
In a series of disclosures, AUB also announced the declaration of a total cash dividend of P2.50 per share and a proposed 100-percent stock dividend, also subject to shareholder and regulatory approvals.
It said the cash dividend will be paid in three tranches, with the first tranche of P1.00 per share payable on July 30 to shareholders on record as of July 10.
The second tranche of P1.00 per share is payable on Sept. 30 to shareholders on record as of Sept. 14, and the final tranche of P0.50 per share is payable on Dec. 18 to shareholders on record as of Dec. 2.
The board also approved the declaration of a 100-percent stock dividend, subject to the approval of shareholders. It said the record and payment dates for the proposed stock dividend would be announced after the bank had secured all the required regulatory approvals.
The bank said it would be holding a special stockholders’ meeting on Aug. 28 to seek approval for the proposed stock dividend and the increase in authorized capital stock.
Shareholders on record as of July 30 will be entitled to receive notice of and participate in the meeting, which would be held in a hybrid format.
Separately, the board also approved the resignation of Manuel Bengson Jr., senior vice president and head of the Treasury Group’s foreign exchange trading desk, effective July 31.
Asia United Bank shares on Monday surged P4.90, or 10.99 percent, to close at P49.50 each.
