LISTED paper packaging firm Steniel Manufacturing Corp.’s board on Monday approved the sale of some 157.6 million in primary shares via a follow-on offering.
The offering, approved during Steniel’s annual shareholders meeting last July, will price the shares at P1.80 to P2.00 apiece and is expected to raise approximately P315 million, the company told the stock exchange on Tuesday.
For the second quarter of this year, Steniel recorded P1.68 billion in consolidated revenue, with cost of sales amounting to P1.4 billion. Net income in the period grew 26.91 percent to P38.81 million from P30.58 million.
The PSE imposed a trading suspension on Steniel shares in July 2006 due to the company’s lack of liquidity, which resulted in a motion by its shareholders to file borrower-initiated petitions for rehabilitation.
In April 2024, the bourse lifted the suspension after the company submitted its restructured reportorial requirements.
The company has two operating subsidiaries, namely Steniel Cavite Packaging Corp. (SCPC) and Steniel Mindanao Packaging Corp. (SMPC).
SCPC is primarily engaged in the manufacturing, processing, and selling of all kinds of paper products and processes, while SMPC is in the business of manufacturing, importing, buying, selling, at wholesale and retail, all kinds of paper, paper rolls, paper boards, cartons, containers, packaging materials and other pulp and paper products.
Steniel shares were unchanged at P1.84 apiece on Tuesday.
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