Share swap, capital hike approved by SPNEC shareholders

Shareholders of Solar Philippines Nueva Ecija Corp. (SPNEC) approved yesterday the increase in the company’s authorized capital stock to 50 billion shares from 10 billion shares, as well as the related share swap.

SPNEC’s share swap involves the issuance of 24.37 billion shares at P2.50 per share in exchange for shares of Solar Philippines in over 20 companies