SEC approves Smartmatic-TIM venture
abs-cbnNEWS.com | 07/09/2009 6:23 PM
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MANILA - The Securities and Exchange Commission has approved the incorporation of Smartmatic TIM Corp., the joint venture company of Filipino firm Total Information Management Corp., and Barbados-based Smartmatic International Corp.
The two's P7.2 billion winning bid to automate next year’s polls bested 6 other consortia
The SEC documents showed the following:
- The total authorized capital is P1.13 billion.
- Of this, the authorized capital stock is P226 million. TIM subscribed to P135 million worth of shares equivalent to 60% of the company. Smartmatic International subscribed to P90.4 million equivalent to 40%.
- There is a P904 million addtional paid-in capital (owners' investment in excess of company's par value). TIM put in P542 million. Smartmatic invested P361 million
The following are the company incorporators
- Lamberto F. L. Lorenzo
- Edgardo W. Valenzuela
- Nilo S. Cruz
- Alberto Castro
- Aison Benedict C. Velasco
The primary purpose of the Smartmatic TIM is to perform and comply with the obligations and responsibilities given to the company by the Commission on
Elections. Among these include “leasing, selling, importing and/or assembling of automated voting machines, computer software and other computer services and/or otherwise deal in all kinds of services to be used, offered and provided to the Comelec for the preparations and the conduct of the 2010 national and local elections, including project management services.
The filing of incorporation papers with the SEC was one of the requirements of the Comelec before it signs the poll automation contract with Smartmatic Tim Corp.
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