A Brown  to raise P1.5B

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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.

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“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.

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