STENIEL Manufacturing Corp. looks to raise as much as P315.3 million through a share sale after its trading suspension was lifted. 

The company in a regulatory filing said part of the plan is to sell 157.65 million primary shares at an offer price of between P1.80 and P2 per share, subject to regulatory approval. 

The Philippine Stock Exchange in April said it is lifting the trading suspension of the embattled paper company imposed since 2006. 

The company ran into financial difficulties post-Asian financial crisis in the lates 1990s.

Steniel trading resumed April 30.

Steniel was declared in default of P636 million worth of loan by banks in May 2006, tapped in 2000. 

The PSE imposed a trading suspension in the same year, and kept the suspension imposed due to a resulting negative equity of the company that stemmed from its financial troubles. 

Steniel addressed the debt through restructuring, involving dacion en pago of the company’s idle machineries and debt conversion to equity. 

To address the negative equity, Steniel also sold unit Steniel Mindanao Packaging Corp. (SMPC) in 2013, realizing a gain from the difference of the units book value of sale price of P2.16 per share and its recorded book value of P0.932 per share.

The company then reacquired SMPC in 2019 through a share-swap agreement. 

The company then moved to convert debts from Greenkraft Corp. and Roburgh Investments Ltd. to equity.