Re: Redemption of Preferred Shares; Subscribed Capital Stock

May 27, 2019SEC-OGC OPINION NO. 20-19RE: REDEMPTION OF PREFERRED SHARES; SUBSCRIBED CAPITAL STOCKQuadriver Energy Corporation2/F, Highway 54 Plaza986 Stanford St., EDSAWack-Wack, Mandaluyong CityAttention: Atty. Roland G. RosalesDear Atty. Rosales :This refers to your letter dated 27 November 2017, requesting for an opinion on the redemption of preferred shares. Your letter states that Quadriver Energy Corporation ("Quadriver") is engaged in the business of building, constructing, generating, operating, and maintaining power plants which produce energy derived from coal, fossil, fuel, geothermal, natural gas, biomass, solar, wind, hydroelectric, and other viable sources of power. Quadriver was registered with this Commission in 2011. In 2016, Quadriver decreased its capital stock to one billion twelve million four hundred seventy-six thousand pesos (Php1,012,476,000.00) and reclassified its shares into common and redeemable preferred shares.The letter likewise states that Sta. Clara Group, Inc. is currently the sole subscriber to the preferred shares, and that the Company intends to redeem and retire two million three hundred fifty-eight thousand six hundred ninety (2,358,690) preferred shares issued to Sta. Clara Group, Inc.In connection to this, the...