PHINMA Corp. has completed its P1-billion stock rights offering (SRO) with the shares listed on the Philippine Stock Exchange on Wednesday.
The SRO comprised 50 million shares priced at P20 each, which were offered from Nov. 13 to 19, the conglomerate said in a regulatory filing.
Of the total, PHINMA will allocate P250 million for the establishment of PHINMA Hospitality’s TRYP by Wyndham hotel in its 21-hectare Saludad township in Bacolod City, while P210 million will go to the development of Union Insulated Panel Corp.’s new facility in Pampanga with an annual capacity of one million square meters.
Some P200 million will be for PHINMA Property Holdings Corp.’s projects in Bacolod, Cebu, and Davao.
“These projects will allow us to fulfill the housing aspirations of low- to mid-income Filipinos,” PHINMA Chairman and Chief Executive Officer Ramon R. del Rosario, Jr. said during the SRO’s listing ceremony.
PHINMA will use P170 million for the 58 projects secured by PHINMA Solar Energy Corp. in the government’s Green Energy Auction Program, while P114 million will go to the establishment of Philcement Corp.’s cement manufacturing facility in Davao del Norte with a yearly capacity of two million metric tons.
The conglomerate will allot P239.56 million for investments in socialized housing, food security, healthcare, and the green industry, along with general corporate purposes.
“The offering provides existing eligible shareholders and new ones in the form of institutional investors with an opportunity to deepen their investment in PHINMA’s mission to help build our nation through competitive and well-managed business enterprises that enable Filipinos to attain a better quality of life,” Securities and Exchange Commission Commissioner McJill Bryant T. Fernandez said.
“PHINMA has successfully forayed into various industries and established its mark in these sectors through the years. Its diverse interests are also a reflection of its commitment to pursuing businesses that will uplift the lives of Filipinos,” Philippine Stock Exchange President and Chief Executive Officer Ramon S. Monzon said.
On Wednesday, PHINMA shares rose by 1.03% or 20 centavos to P19.70 per share. — Revin Mikhael D. Ochave
