DMCI Holdings Inc. looks to issue P10 billion worth of preferred shares to mother company Dacon Corp. to raise funds.
The company said it is reclassifying 10 million of its shares of stock into Class B preferred shares and will be sold at P1,000 apiece.
DMCI told regulators the preferred shares will have a par value of P10 and will carry a dividend rate of 4 percent, paid out quarterly.
The shares will be perpetual with DMCI reserving the option to redeem the shares at issue price starting on the fifth year of the share sale.
The holders of the shares will have the option to convert their holdings to common shares at a valuation of 30 percent premium over the volume weighted average price of the common shares over a 30-day trading period before the conversion date.
