PHINMA Corp. on Friday said it had raised approximately P975 million in net proceeds from a stock rights offering (SRO) involving a total of 50 million common shares.
In a disclosure, Phinma said it issued 40,964,001 shares under the first and second rounds of the offering. One million common shares, meanwhile, were issued to qualified buyers; and the balance of 8,035,999 common shares was issued to institutional investors.
“The completion of our SRO could not have come at a more opportune time, as the Group also celebrates its 68th year of making lives better this November,” Phinma Corp. said in a message.
“Phinma shall continue to serve Filipino families and communities by providing the essentials to a dignified life through the unified efforts of our businesses and investments in industries, enabling us to make an even bigger impact on our society and country,” it added.
The SRO ran from Nov. 13 to Nov. 19. The offer price was P20 per rights share, with an entitlement ratio of one rights share for every 5.73 existing common shares held.
Actual subscription of the rights shares will become effective upon listing at the Philippine Stock Exchange on Nov. 27.
Based on Phinma’s prospectus, the net proceeds will be allocated to its construction materials group (P285 million), hospitality group (P250 million) and the property development group (P200 million).
Around P240 million will be used for investments in new ventures and/or for general corporate purposes, with Union Insulated Panel Corp. also set to receive up to P210 million for a state-of-the art facility in Porac, Pampanga.
Disbursement of the proceeds will be made between this year and next, the company said.
On Friday, shares of Phinma Corp. dropped 28 centavos, or 1.42 percent, to close at P19.50 apiece.
Be the first to comment