The Securities and Exchange Commission has approved sugar miller Central Azucarera de San Antonio Inc.’s (CASA) P558-million fund raising activity.
CASA, a sister company of the sugar-milling operations of musician Jose Mari Chan, will offer to the public through over- the- counter transactions 277,500 common shares, consisting of 214,551 primary shares and 62,949 secondary shares offered by a selling shareholder, at an offer price of up to P2,012.52 per share.
The company is conducting the offering pursuant to Republic Act No. 9136, or the Electric Power Industry Reform Act of 2001, which mandates generation companies that are not publicly listed to offer and sell to the public not less than 15 percent of their common shares within five years from the effectivity of Energy Regulatory Commission Resolution No. 4-2019.
The Chan-owned company primarily operates a sugar milling business, but also engages in power generation through a biomass cogeneration plant with an initial installed generation capacity of 15 megawatts.
The net proceeds from the primary share sale worth P422 million will be used for the upgrading of its cogeneration facility, motor pool, and sugar factory, as well as for land acquisitions and farm mechanization.
SB Capital Investment Corp., will serve as issue manager and underwriter for the offer.
