Barya na lang! Ever-Gotesco wipes out P2.3B in accumulated losses by cutting its par value from one peso to ten centavos

The Go family and and shell company collector Antonio Tiu are betting on bamboo to change the fortunes of real estate bust, Ever-Gotesco Resources & Holdings.

To achieve this, the Go family and Tiu, who own a combined 61 percent stake in the shell firm have agreed to cut EVER’s par value from one peso to 10 centavos under a quasi-reorgnization.

Ampao collector: Antonio Tiu takes over as president of bankrupt Ever Gotesco

EVER will first reduce its authorized capital stock from P5 billion (five billion shares at one peso each) to P2.5 billion (25 billion shares at 10 centavos each).

According to EVER, the quasi-reorganization will wipe out P2.343 billion in accumulated retained earnings deficit “to give the company a fresh start as it embarks into agri- tourism and bamboo industry businesses.”

The new business is based in Batulao, Batangas.

EVER will also triple its authorized capital stock to P7.5 billion “to attract more investors and raise capital for its new business ventures.”

The company will be renamed Everwoods Green Resources & Holdings as part of its change in focus.

EVER closed at 26.5 centavos or half of its 52-week high of 53 centavos.

Panguil Bay bridge now 61% complete

Construction of the 3.17-kilometer bridge that will reduce travel time between Lanao del Norte and Misamis Occidental is now 61 percent complete, according to the Department of Public Works and Highways (DPWH).