Macay Holdings Inc. is gearing up for a potential share sale after moving to boost its capitalization to support future capital requirements. The company managed to secure board approval on April 8th for the increase of its authorized capital stock; from an initial P1.5 billion, it is now P2.3 billion.
Macay and its key shareholder postponed a few capital-raising activities over the last two years. Owning 89.76% of the Macay, Mazy’s Capital, Inc. decided to defer plans of selling its 20% stake last October. Another plan placed on the back burner in February 2014 was a planned stock rights offer; at that time, the company noted that there was no need for extra funding.
