THE BOARD and stockholders of listed East Coast Vulcan Corp. approved on Sept. 11 the change of its name to East Coast Vulcan Mining Corp. following its annual stockholders meeting and organizational board meeting.
In a stock exchange disclosure on Tuesday, East Coast Vulcan said the amendment to the company’s first article of incorporation has changed the company’s name to East Coast Vulcan Mining Corp.
East Coast Vulcan was formerly known as Vulcan Industrial and Mining Corp.
“The proposed amendment to the first article is intended to highlight the nature of the company’s business interests and operations,” it said.
Aside from the name, East Coast Vulcan also amended its seventh article of incorporation to make its capital stock divided into 120 billion common shares at a par value of 10 centavos apiece compared with 12 billion common shares at a P1 par value each.
The company’s capital stock is P12 billion.
“The proposed amendment to the seventh article is part of the company’s shareholder equity restructuring and capital raising activities for its operations. The proposed terms of the equity restructuring have not yet been approved by the board and are still being finalized,” East Coast Vulcan said.
“The final terms and details of the equity restructuring will be disclosed as soon as it is finalized and approved by the board,” it added.
Meanwhile, East Coast Vulcan also amended its third article of incorporation, which changed its principal office address to the 15th Floor, High Rise Pacific Star Building, Sen. Gil Puyat Ave., Makati City, Metro Manila.
“The proposed amendment to the third article is intended to reflect the change in address of the company’s principal office,” East Coast Vulcan said.
Recently, the company executed a deed of assignment of partially paid shares with Techno-Asia Construction and Development Inc. to increase its public float.
The deed of assignment is for about 486 million shares, which represent 7.33% of East Coast Vulcan’s outstanding capital stock of 6.63 billion common shares.
In June, the PSE suspended the trading of East Coast Vulcan shares after the approval by the Securities and Exchange Commission to hike the company’s authorized capital stock to P12 billion.
However, East Coast Vulcan’s public float fell to 14.47% as a result of the move, breaching the minimum public float requirement. — Revin Mikhael D. Ochave