THE Securities and Exchange Commission (SEC) has approved the request of property developer DoubleDragon Properties Inc., a company originally registered in Iloilo City, to submit just one document called information sheet as it changes the venue of its annual stock exchange in Manila.
In documents submitted to the SEC, the company said majority of the shareholders of DoubleDragon, a firm that promises to populate the country with its own brand of community malls, are based in Metro Manila.
“Cognizant of the inconvenience that might be caused to shareholders in holding the meeting in Iloilo, instead of Manila, the company decided to change its principal address” to Pasay City, the company said.
The change of address must be subject for approval of the SEC and the Corporation Code of the Philippines requires that the decision of the board to amend the address as stated in its articles of incorporation must be with consent of at least two-thirds of the outstanding capital stock either in a meeting or through written consent. The company will hold its meeting in June.
The SEC said that the information statement should not be required in all kinds of approval of corporate action, such as amending the principal office address. “Rather, a disclosure of the explanation or reason for the desired change will do,” the SEC said.
DoubleDragon said its net income increased 69 percent during the first three months of the year to P35.8 million as it saw significant contribution from its various projects.
The company said it is seeing more significant revenue contributions once several of its various projects that are currently under construction start to operate.
Total revenues increased to P232.7 million for the three months ending March, higher by P60.1 million, or 35 percent, from the P172.5 million in revenues during the same period last year.