Change - Amendment to Articles::BPI will no longer Pursue Amendment of Article Seventh of the Articles of Incorporation

Issuer & Securities

Issuer/ Manager
BANK OF THE PHILIPPINE ISLANDS
Securities
BANKOFPHILIS US$600M4.25%N2309 - XS1841618421 - FNDB
Stapled Security
No

Announcement Details

Announcement Title
Change - Amendment to Articles
Date &Time of Broadcast
30-Sep-2022 12:10:06
Status
New
Announcement Sub Title
BPI will no longer Pursue Amendment of Article Seventh of the Articles of Incorporation
Announcement Reference
SG220930OTHR2X06
Submitted By (Co./ Ind. Name)
Maria Ramona O. Ang
Designation
Investor Relations Officer
Description (Please provide a detailed description of the event in the box below)
On 16 March 2022, the Bank disclosed that the Board of Directors approved the amendment of Article Seventh of the Bank s Articles of Incorporation to decrease its authorized capital stock by retiring 406,179,276 common shares previously issued and recorded as treasury shares pursuant to the Bank s merger with BPI Family Savings Bank, Inc. On 28 April 2022, the Bank disclosed that stockholders representing at least two-thirds of the outstanding shares of the Bank approved said amendment of Article Seventh, subject to regulatory approvals. On 29 September 2022, the Bank was informed that its request for approval was not favorably endorsed by the Bangko Sentral ng Pilipinas (BSP) in view of their opinion that retirement of treasury shares cannot be considered as sale or disposition of shares in accordance with Section 10 of Republic Act No.8791 (The General Banking Law of 2000).

In this regard, the proposed decrease of authorized capital stock by retirement of the 406,179,276 treasury shares will no longer be pursued by the Bank.

The ff. regulators have also been duly informed of the same:
3. Philippine Stock Exchange (PSE)
https://edge.pse.com.ph/openDiscViewer.do?edge_no=c315540704756c023470cea4b051ca8f
4. Philippine Dealing and Exchange Corporation (PDEx)

Attachments

SEC 17-C 09292022 - Amendments to Articles of Incorporation-signed.pdf
Total size =536K