PHINMA secures P1-B SRO approval
‘DoE attributed the lower investor turnout during GEA-2 to factors like supply limitations, low incentives, delays in grid impact studies, and the high cost of financial guarantees.’
By Maria Bernadette Romero – 26 Oct 2024, 00:20
from Daily Tribune
PHINMA Corporation
PHINMA Corporation has secured regulatory approvals for a stock right offering (SRO) of up to P1 billion to support investments in local communities.
The Securities and Exchange Commission (SEC) confirmed the P1-billion transaction’s exemption from registration requirements under the Securities Regulation Code on 16 October.
Additionally, the Philippine Stock Exchange (PSE) approved the listing of rights shares under the SRO on 21 October, along with the offering’s indicative schedule.
The offer period is set for 13 to 19 November, with the listing date tentatively scheduled for 27 November.
Fuel for further growth
“PHINMA is committed to investing in businesses that deliver both strong returns for our shareholders and tangible benefits to society,” PHINMA chief financial officer EJ A. Qua Hiansen said on Friday.
“This stock rights offering will fuel our growth, strengthen our balance sheet, and empower us to make an even greater impact on Filipino families and communities.”
Proceeds from the SRO will fund PHINMA Construction Materials Group initiatives, including PHINMA Solar’s Green Energy Auction Program projects and Philcement’s modern cement manufacturing plant in Davao del Norte.
It will also support PHINMA Properties’ developments in cities like Bacolod, Cebu, Iloilo and Davao, along with PHINMA Hospitality’s new TRYP by Wyndham hotel in Bacolod’s Saludad township.
The offering will further support new ventures such as Union Insulated Panel Corp.’s facility in Porac, Pampanga, as well as initiatives in socialized housing, food security, healthcare, and the green industry. Any remaining funds will go toward general corporate purposes.
The offer price will be determined on 31 October with AB Capital & Investment Corporation as the issue manager, bookrunner, and lead underwriter for the transaction.
