Security Bank to increase capital to P10-B

Posted at 03/19/13 11:57 AM

MANILA, Philippines - Security Bank Corp. on Tuesday said it will be increasing its authorized capital to P10 billion from P6 billion, subject to the approval of its shareholders during the company's annual stockholders meeting on May 28.

In a disclosure, the bank said such will be subject to the approval of the Bangko Sentral ng Pilipinas and the Securities and Exchange Commission.

Security Bank also declared a stock dividend of 20%, subject to the approval of stockholders, the BSP and the approval of the increase in authorized capital.

Meanwhile, the bank announced a regular cash dividend of P0.50 per outstanding share, and a special cash dividend of P0.50 per share.

The record date and date of payment of dividends shall be scheduled after approval from the central bank has been received, Security Bank said.