Listed packaging firm Steniel Manufacturing Corp. plans to raise up to P315 million through share sale.
Steniel said in a disclosure to the stock exchange Tuesday its board approved the offering of up to 157.647 million primary common shares at an offer price of between P1.80 and P2 apiece.
The share sale will be conducted in compliance with revised backdoor listing rules of the Philippine Stock Exchange which requires a backdoor-listed company to conduct a public offering of at least 10 percent of its issued and outstanding shares.
The offering is subject to compliance with the applicable rules and regulations of the Securities and Exchange Commission (SEC) and the PSE.
Steniel has an authorized capital stock of P2 billion divided into 2 billion common shares with a par value of P1 apiece.
The offer shares will be issued from the company’s authorized but unissued portion of its capital stock.
Steniel resumed trading on April 30, 2024 after 18 years of suspension. Shares of Steniel are trading at P1.80 apiece.
The PSE suspended the trading of Steniel in 2006 after the company underwent corporate rehabilitation. Petitions for corporate rehabilitation were filed with different regional trial courts from 2007 to 2009, which were all dismissed in 2009.
SMPC is in the business of manufacturing, importing, buying, selling or otherwise dealing in, at wholesale and retail, all kinds of paper, paper rolls, paper boards, cartons, containers, packaging materials and other pulp and paper products.
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