BIR Ruling [DA-064-05]

February 23, 2005 BIR RULING [DA-064-05] Platon Martinez Flores San Pedro & Leao Law Offices 6th Floor Tuscan Building, 114 Herrera Street Legaspi Village, Makati City Attention: Atty . Hector A . Martinez Gentlemen : This refers to BIR Ruling No. DA-030-2005 dated January 24, 2005 relative to the second paragraph of page one (1) pertinent portion of which reads: "It is represented that GADC is a domestic corporation duly registered with the Securities and Exchange Commission (SEC), the primary purpose of which is to establish, maintain, operate and manage, for its own account or for the account of other entities or individuals, restaurants, cafes, bars and general food catering services; that it has an authorized capital stock of One Hundred Fifty Million Pesos (P150,000,000.00) divided into One Hundred Fifty Thousand (150,000) shares with a par value of One Thousand Pesos (P100,000 . 00) per share . . .." The said ruling, however, has typographical error. The phrase " One Thousand Pesos (P100,000 . 00) per share " should be " One Thousand Pesos (P1,000 . 00) per share ." Thus, the second paragraph of page one (1) is hereby amended as follows: "It is represented that GADC is a domestic corporation duly registered with the Securities and Exchange Commission (SEC), the primary purpose of which is to establish, maintain, operate and manage, for its own account or for the account of other entities or individuals, restaurants, cafes, bars and general food catering services; that it has an authorized capital stock of One Hundred Fifty Million Pesos (P150,000,000.00) divided into One Hundred Fifty Thousand (150,000) shares with a par value of One Thousand Pesos (P1,000 . 00) per share . . ." Likewise number 2 of page two (2) which reads: 2. "Increase the authorized capital stock from P146,953,348.00 divided into 99,444 common shares with a par value of P1,000.00 per share and 778 class A preferred shares with a par value of P61,066.00 per share to P1,673,603,348.00 divided into 99,444 common shares with a par value of P1,000.00 per share and 2,500,105 class B preferred shares with a par value of P61,066.00 per share." The said ruling, however, inadvertently omitted the phrase " 778 class A preferred shares with a par value of P61,066 . 00 per share and 25,000 . . ." Thus, the number 2 of page two (2) should read as follows: 2. "Increase the authorized capital stock from P146,953,348.00 divided into 99,444 common shares with a par value of P1,000.00 per share and 778 class A preferred shares with a par value of P61,066.00 per share to P1,673,603,348.00 divided into 99,444 common shares with a par value of P1,000.00 per share, 778 class A preferred shares with a par value of P61,066.00 per share and 25,000 class B preferred shares with a par value of P61,066.00 per share." This ruling modifies BIR Ruling No. DA-030-2005 dated January 24, 2005. Very truly yours, (SGD.) JOSE MARIO C. BUAG Deputy Commissioner Legal and Inspection Group