Concrete Aggregates Corp.

January 13, 1981 Concrete Aggregates Corp. 70 Industria St. Bagumbayan, Quezon City Attention : Andres I . Atienza Assistant Corporate Secretary Gentlemen : This has reference to your letter dated 19 November 1980 requesting the opinion of this Commission on the query posed therein. It appears that the board of directors of the above named corporation passed Resolution No. 80-05 declaring 50% stock dividend which was duly ratified by the stockholders and approved by the Securities and Exchange Commission. With its implementation, the allotment of 4,000,000 Class "A" shares specified in your amended articles of incorporation will be exceeded by 289,244 shares. To remedy such unexpected excess, you asked whether the "50% stock dividend of a majority stockholders previously holding Class "A" can be issued in Class "B" shares which have presently 470 shares only out of its allowed 1,000,000 shares. Considering that the articles of incorporation of your corporation allows Class B shares to be held by citizens of the Philippines, and it appearing that both Class A and Class B shares have the same rights and privileges, this Commission interposes no objection to your allotting Class B shares to them to satisfy the dividend deficiency for Class A shares. Please be guided accordingly. LexLib Very truly yours, (SGD.) ROSARIO N. LOPEZ Director Corporate and Legal Department