By Myrna M. Velasco
Uy-led Phoenix Petroleum Philippines, Inc. is undertaking a follow-on offering (FOO) with scheduled listing date at the Philippine Stock Exchange (PSE) on November 7 this year.
Source:(https://www.phoenixfuels.ph)
As submitted to the local bourse, the size of the issue will be P5.0 billion worth of perpetual preferred shares with oversubscription option of up to P2.0 billion.
The stock offering will be listed at the PSE under ticker symbol “PNX4”; and shall have an offer price of P1,000 per share at an initial spread of 350 to 450 basis points.
The sole issue manager, joint lead underwriter and sole bookrunner is China Bank Capital Corporation while joint lead underwriter is PNB Capital and Investment Corporation.
“The net proceeds of the offer shall be used to partially finance the company’s capital expenditures and/or general corporate purposes,” Phoenix Petroleum said.
It specified that the shares to be offered are the “cumulative, non-voting, non-participating, non-convertible, redeemable, peso-denominated perpetual preferred shares.”
On dividend payment for this particular shares float, it was stipulated that “cash dividends on the offer shares will be payable once for every dividend period on such date set by the board of directors at the time of declaration of such dividends.”
It was further indicated that “the declaration and payment of cash dividends for each dividend period will be subject to the sole and absolute discretion of the board of directors of the company.”