Cityland declares stock dividend, to raise authorized capital

Cityland Development  Corp. on Monday said its board of directors approved a 10-percent stock dividend and increase the company’s authorized capital stock.   In a special board meeting Monday, the Cityland directors “passed and unanimously approved… a 10 percent stock dividend from unappropriated retained earnings as of Dec. 31, 2011…” the company said in a disclosure to the Philippine Stock Exchange.   To execute the divided the property developer will raise its authorized capital stock to 4 billion shares from 3 billion at a par value of P1.   “Record date of the stock dividend shall be fixed by the Securities and Exchange Commission after clearance and approval,” said Cityland. —VS, GMA News