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Manila Bulletin devider Business devider Globe sets SRO price at P1,680

Globe sets SRO price at P1,680

Published Sep 12, 2022 03:07 pm

Globe Telecom Inc. has set the price of its P17 billion stock rights offering at P1,680 per share while setting the entitlement ratio at one rights share for every 13.2366 shares held.

In a disclosure to the Philippine Stock Exchange, the firm said its offering price is equivalent to a 22.6 percent discount to the 30-day volume-weighted average price as of Sept. 8, 2022.

Globe said it is offering 10.12 million shares to raise P17 billion from the SRO which has been reduced from the earlier proposed P32 billion.

Shareholders as of the record date of Sept. 21 (ex-date Sept. 16) will be entitled to subscribe to the offered shares. The offering period will run from Oct. 3 to 7 with tentative listing date of Oct. 28.

Principal shareholders Singapore Telecom International Pte. Ltd. and Ayala Corporation indicated their support for the SRO and are expected to exercise their pre-emptive rights to subscribe to their Entitlement Shares in the First Round of the Offer.

The two firms also have the option to subscribe to additional rights shares in the Second Round of the Offer under the same terms and conditions as any other Eligible Shareholder, up to amounts as may be permissible under applicable law.

Subscriptions of Principal Shareholders to Additional Rights Shares shall have no preference over the subscriptions of any other Eligible Shareholder in the Rights Offer.

The proceeds from the SRO will be primarily used for the pre-payment or repayment, repurchase of all or a portion of certain borrowing, including interest thereon, and other liabilities availed of by the Company for the purposes of capital expenditures; and capital expenditure plans.

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