The Securities and Exchange Commission (SEC) has approved the registration of Philequity Dividend Yield Fund Inc. of an additional 8.5 billion common shares.
According to its registration statement filed with the agency, the 8.5 billion additional common shares will have a par value of P1.
The said additional common shares will increase Philequity’s authorized capital stock to 10 billion common shares from 1.5 billion.
In October the SEC also approved the increase of an additional 1 billion common shares from just 500,000 shares. Philequity is a high-risk fund with investments that consists primarily of equities in companies listed in the Philippine Stock Exchange (PSE) that distribute dividends.
The maximum investment of the fund in the equity of any PSE-listed company is determined by the size of the fund, the risk profile of the PSE-listed company, interest rates and yield offered by the company.
Total proceeds from the sale of the securities will be invested in the equity of companies listed in the PSE that pay out dividends.
The estimated gross proceeds of the fund’s shares as of December 5, 2014 is at P10.57 billion, computed at P1.2447 at net asset value per share.