A Brown Co. Inc. looks to raise P1.5 billion from the sale of preferred shares it will use to fund residential projects and landbanking purposes.
A Brown looks to offer an initial 10 million preferred shares in two series — Series B and C — at P100 per share with an oversubscription option of up to 5 million preferred shares.
The share sale covers the second tranche of the company’s 50 million preferred shares shelf registration.
“Among our high-priority developments are Coral Bay Suites and Alexandrite Columns, both of which are condominiums with resort amenities and scenic views,” said Robertino Pizarro, A Brown president.
A Brown tapped PNB Capital and Investment Corp. as sole issue manager, lead underwriter and sole bookrunner for this transaction.