Re: Paid-Up Capital; PSE Rules

September 16, 2019SEC-OGC OPINION NO. 40-19RE: PAID-UP CAPITAL; PSE RULESMr. Jose Ma. L. QuiaoitBuskowitz Finance, Inc.4th Floor Dominion Building833 A. Arnaiz Avenue, Makati CityMr. Quiaoit :This refers to your letters dated 06 July 2018 and 10 September 2018 requesting for an opinion on whether Additional Paid-In Capital (APIC) can be considered as Paid-Up Capital, for purposes of complying with the requirements of the Philippine Stock Exchange (PSE) on the minimum capital of corporations seeking to be listed with the PSE, as follows:  Listing at PSEMain BoardSME BoardMinimum Capital RequirementMinimum authorized capital stock of P500M, of which, at least 25% is subscribed and fully paid. At listing, the market capitalization of the Applicant Company must be at least P500M.Minimum authorized capital stock of P100M, of which, at least 25% is subscribed and fully paid. Buskowitz Finance, Inc. (Buskowitz) is contemplating on going public through an initial public offering. Buskowitz' balance sheet shows that it has an APIC amounting to PhP70,000,000. Hence, your query.Please be advised that the Commission shall refrain from rendering a categorical opinion on...