BPI said in a disclosure to the stock exchange Friday it received the approval from the commission on Sept. 13, 2023.
BPI is also securing the approval of the Bangko Sentral ng Pilipinas and the Securities and Exchange Commission. The word “substantially” was also deleted under Article I of the Articles of Merger. The principal business address of BPI and the date of execution of the plan of merger and articles of merger were also updated.
The board of directors of BPI in its meeting on Dec. 14, 2022 approved the issuance to the shareholders of RBC such number of BPI common shares as would result in the RBC shareholders collectively holding about 6 percent of the resulting outstanding common stock of BPI as of the closing date but in no case would BPI issue more than 318,912,309 common shares pursuant to the merger.
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