Leisure Resorts World raising capital to P5B

Shareholders of publicly-listed Leisure & Resorts World Corp. approved the company's planned issuance of 1.75 billion perpetual preferred shares and warrants, the company told the Philippine Stock Exchange. Leisure & Resorts World shareholders also approved an increase in authorized capital from P1.6 billion to P5 billion and equivalent to 2.5 billion common shares and 2.5 billion preferred shares. Although entitled to preferential and cumulative dividends not exceeding 12 percent a year, the preferred shares are non-voting and non-participating. Also, directors of Leisure & Resorts World approved a stock dividend equivalent to approximately 20 percent of the company's outstanding capital of around 200 million common shares. — VS,  GMA News