Ever-Gotesco Resources and Holdings Inc. plans to raise funds to finance investments.
Ever-Gotesco has initiated a quasi-reorganization by reducing its capital stock’s par value and number to eliminate its capital deficit.
The company is also raising its authorized capital to P7.5 billion from the current P5 billion.
Based on the company’s end-2021 financial statement, Ever-Gotesco had a capital deficit of P2.53 billion, leaving it with a stock holders equity of P2.47 billion.
Following the quasi-reorganization of its capital structure, the company will now have an authorized capital stock of 25 billion, with each shares carrying a par value of P0.10.
The company is also changing its name to Everwoods Green Resources and Holdings Inc.
The Philippine Stock Exchange yesterday issued a one-hour trading suspension on the company.
Last year, the agri businesses and eco-agri tourism assets of Agriwave Organic Inc and. 3-J Development Corp. were infused into Ever-Gotesco, formerly a mall developer.
Currently the company is into bamboo farming including manufacturing of bamboo products; and promotion of eco-agri tourism.
