Del Rosario-led PHINMA Corporation has set the final offer price of its planned P1 billion stock rights offering (SRO) at P20.00 per share.
In a disclosure to the Philippine Stock Exchange, the firm said it has also set the size of the offering at 50 million shares, and the entitlement ratio is pegged at one rights share for every 5.73 existing common shares held.
The Philippine Stock Exchange (PSE) approved the listing of the rights shares under the SRO, which set the indicative terms at up to 51.49 million shares at the rate of one offer share for every 5.56 to 6.17 common shares held at an offer price of P19.42 to P21.55 per share.
Based on the indicative timetable, the offer period will run from Nov. 13 to 19, 2024 and the listing date will tentatively be Nov. 27, 2024.
“PHINMA is committed to investing in businesses that deliver both strong returns for our shareholders and tangible benefits to society,” said PHINMA Chief Financial Officer Edmund Alan A. Qua Hiansen.
He added that, “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.”
PHINMA will use the proceeds to support the PHINMA Construction Materials Group initiatives, particularly PHINMA Solar’s (Green Energy Auction Program (GEAP) projects and Philcement’s modern cement manufacturing plant in Davao del Norte.
The SRO shall also boost PHINMA Properties’ projects in emerging cities like Bacolod, Cebu, Iloilo and Davao and PHINMA Hospitality’s new TRYP by Wyndham hotel in the Group’s newly launched Bacolod township Saludad.
The offer will likewise bolster the Group’s new ventures such as the Union Insulated Panel Corp.’s state-of-the-art facility in Porac, Pampanga and other opportunities to uplift the underserved market through socialized housing, food security, healthcare, and the green industry. The balance, if any, will be for general corporate purposes.
AB Capital & Investment Corporation will serve as the issue manager, book runner, and lead underwriter for the transaction.