ALLIANCE Select Foods International Inc. (PSE: FOOD) has obtained approval from the Securities and Exchange Commission (SEC) for its equity restructuring program that will eliminate its current deficit, as the company continues to sustain healthier revenue growth with its turnaround strategy.
The listed seafood company confirms that in line with the SEC approval, Alliance Select’s par value will be reduced from P1.00 to P0.50, and its resulting additional paid-in capital (APIC) will be applied against its retained earnings deficit of as of May 31, 2017.
“The approved equity restructuring program does not affect the company’s number of outstanding shares and will not affect a stockholder’s ownership interest in FOOD. The same simply wipes out the deficit with the use of APIC as of May 31, 2017,” Alliance Select said. (PR)