MANILA, Philippines — Phinma Corp., the diversified conglomerate of the Del Rosario Group, is raising as much as P1 billion this year through the conduct of a stock rights offering (SRO) to fund key projects of its business units and investment in new ventures.
Phinma said its board has approved the fund raising activity for the purpose of supporting its subsidiaries in relation to their relevant expansion plans.
It will likewise increase capital for Phinma’s potential new ventures as well as for general corporate purposes.
Phinma said the start and end of the offer period is within the fourth quarter of 2024, with the exact dates to be announced as soon as they are determined.
The company’s executive committee has been delegated to determine the final terms and conditions and other requirements in relation to the offer.
The shares will be listed on the Philippine Stock Exchange.
During the first half, Phinma reported a 63 percent drop in its consolidated net income to P170.93 million from P456.74 million in the same period in 2023.
Net loss attributable to shareholders of the parent for the period amounted to P22.1 million.
The company is focused on growing its business and expanding institutional partnerships in anticipation of market recovery given the challenging macroeconomic environment in construction materials and property development.
Revenues expanded by 17 percent to P10.37 billion on the back of higher enrollment in its education business, rising volume in the construction materials group as well as revenues of the property and hospitality groups, which were consolidated starting July 2023.
Phinma said it is investing up to P210 million in Union Insulated Panel Corp. (UIPC)’s Insulated Panel Plant Project, through Union Galvasteel Corp. (UGC), a 98-percent owned subsidiary of Phinma.
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