PHINMA Corp. has set Nov. 27 as the tentative listing date of its stocks rights offer worth as much as P1 billion recently approved by the regulator.
The Philippine Stock Exchange (PSE) approved the listing on Oct. 21 while the Securities and Exchange Commission (SEC) issued a notice on Oct. 16 confirming that the sale is exempt from registration requirements under the Securities Regulation Code, PHINMA said in a statement to the stock exchange on Thursday.
The offer’s final price will be set on Oct. 31, while the offer period is on Nov. 13 to 19, according to the company’s prospectus dated Oct. 17. The offer is made up of 51.49 million common shares priced at P19.42 to P21.55 apiece.
“This stock rights offer will fuel our growth, strengthen our balance sheet and empower us to make an even greater impact on Filipino families and communities,” PHINMA Chief Financial Officer Edmund Alan A. Qua Hiansen said in the statement.
The company will use the proceeds for PHINMA Solar’s green energy auction program and in building a P2-billion cement manufacturing plant in Davao del Norte.
The proceeds will also support PHINMA Properties’ projects in Bacolod, Cebu, Iloilo, and Davao as well as PHINMA Hospitality’s TRYP by Wyndham hotel at the recently launched Saludad township in Bacolod.
PHINMA will also use the proceeds of the stock sale for new ventures such as its insulated panel plant being built in Porac, Pampanga. It will also allocate part of the proceeds to other projects in socialized housing, food security, healthcare, green industry, and general corporate purposes.
AB Capital & Investment Corp. will serve as the issue manager, book runner and lead underwriter.
PHINMA stocks fell 3.38% or 70 centavos to close at P20 each. — Revin Mikhael D. Ochave
