APC Group, Inc. (the Parent Company or APC) and subsidiaries (collectively referred to as the Company) were all incorporated in the Philippines and are registered with the Philippine Securities and Exchange Commission (SEC). The Parent Company was incorporated in the Philippines on October 15, 1993. Originally, the Company was organized for the primary purpose of engaging in oil and gas exploration and development in the Philippines under the name of Asian Petroleum Corporation.
SEC approved the increase in its authorized capital stock from P 800 million to P1.8 billion on December 29, 1995. The Articles of Incorporation were amended decreasing the number of directors from fifteen (15) to thirteen (13) and expanding the denial of pre-emptive right to include issuances of the Company’s capital stock from increases in the original authorized capital stock. In line with its diversification efforts and plans to engage in its secondary purposes, the name of the Company was changed from Asian Petroleum Corporation to APC Group, Inc.
On October 16, 1996, the stockholders of APC approved another increase in authorized capital stock from P1.8 billion to P20 billion in order to finance the Company’s new projects and investments. Of the increase in authorized capital stock, P6,439.0 million shares were subscribed at P0.014 per share through private placements.
The stockholders also approved the classification of shares into common and preferred in order to give the Company flexibility in sourcing for funds. On April 30, 1997, the Securities and Exchange Commission approved the change of the Company’s primary purpose from oil and gas exploration to that of a holding company. Further, the par value of the Company’s shares was increased from P0.01 to P1.00 per share.
Company Website : http://apcaragorn.net/