PHINMA Corp. eyes to conduct its P1 billion stock rights offering (SRO) between November 13 and 19 after it secured regulatory approval from the Securities and Exchange Commission (SEC) and the Philippine Stock Exchange (PSE).
The company said it expects to complete the pricing of the rights offer on October 31, where it will announce how shares a shareholder should have to subscribe to one right share.
The company is initially looking at a ratio of one right for every 5.56 to 6.17 shares a shareholder owns as of November 8 this year.
The rights can then be used to subscribe to one PHINMA share at a price between P19.42 and P21.55.
The subscribed shares will then be listed in the Philippine Stock Exchange by November 27 of this year.
The company will use the proceeds to support initiatives of the PHINMA Construction Materials Group, particularly PHINMA Solar’s (Green Energy Auction Program projects and Philcement’s modern cement manufacturing plant in Davao del Norte.
“The SRO shall also boost PHINMA Properties’ projects in emerging cities like Bacolod, Cebu, Iloilo and Davao and PHINMA Hospitality’s new TRYP by Wyndham hotel in the Group’s newly launched Bacolod township Saludad,” the company said.
“The offer will likewise bolster the Group’s new ventures such as the Union Insulated Panel Corp.’s state-of-the-art facility in Porac, Pampanga and other opportunities to uplift the underserved market through socialized housing, food security, healthcare, and the green industry. The balance, if any, will be for general corporate purposes,” it added.
AB Capital & Investment Corp. will serve as the issue manager, book runner, and lead underwriter for the fund raising.
