Monday, March 26, 2012
THE Agdao Multi-Purpose Cooperative announced Saturday that it will increase its authorized capital to P2 billion from P100 million the previous years.
The increase came after the ratification of the proposed amendments on its constitution and by-laws by members during its 18th general assembly on March 18.
Elpidio Origenes, chairman of the board of directors of AMPC, in press conference said the proposed amendments were presented before the general assembly attended by some 5,000 members.
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The revised constitution and by-laws stated that P2 billion will be divided to some 8,000 common shares with voting rights.
AMPC is also seeking for nationwide expansion anytime as soon as they will have enough funds to carry out its plan.
Meanwhile, Romeo Fabian, the incumbent director, said the number of members already reached 46,000 as of Saturday. He said that there's an increase of at least 7,000 since 2011.
Fabian also boasted the AMPC's surplus income reaching to over P44
million compared to last year's P40 million only.
"Pasalamat ta nga nagtaas og sobra 4 miliones (Let's be thankful that
it increased to over P4 million)," Origenes said.
This year, the Agdao Multi-Purpose Cooperative officers are optimistic to hit the P50-million benchmark.
Published in the Sun.Star Davao newspaper on March 26, 2012.
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