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Manila Bulletin devider Business devider The Stock Market devider PSE approves Steniel's ₱315-million follow-on offering

PSE approves Steniel's ₱315-million follow-on offering

Published Oct 17, 2025 03:44 pm
The Philippine Stock Exchange (PSE) has approved the planned ₱315-million follow-on offering (FOO) of publicly listed paper packaging firm Steniel Manufacturing Corp. together with the listing of new share issuances.
In a disclosure, the firm said the PSE approved the listing of 700.28 million Steniel shares consisting of 157.65 million shares for the FOO, 273.38 million shares for a debt-to-equity conversion, and 269.25 million shares for a share-for-share swap.
For the FOO, the PSE has approved the price-setting date set for Oct. 24, 2025, as the firm intends to offer the shares at a range of ₱1.80 to ₱2 per share. Offering period will be from Nov. 3 to 7, 2025, while tentative listing date and start of trading at the PSE will be on Nov. 17, 2025.
The offer shares comprise about 11 percent of the company’s 1.42 billion outstanding shares, although it only has 876.18 million listed shares.
Last month, the Securities and Exchange Commission (SEC) approved the valuation of Steniel shares, paving the way for the company to issue additional shares and list previously unlisted stock on the PSE.
The SEC approval allows Steniel to apply ₱247.64 million in advances for the subscription of 123.82 million additional shares at a par value of ₱1 each.
In April 2024, the PSE lifted the nearly 18-year trading suspension on Steniel shares, which was imposed in July 2006 following liquidity issues and default on a ₱636-million loan from 2000.
Since then, Steniel had lowered its debt by transferring idle machinery to creditors (dacion en pago) and converting some of its debt into equity.
Steniel and its subsidiaries are engaged in the manufacturing, processing, and selling of all kinds of paper products, paper board and corrugated carton containers, and all other allied products and processes.
As of Dec. 31, 2023, the operating subsidiaries of the company are Steniel Cavite Packaging Corp. (SCPC) and Steniel Mindanao Packaging Corp. (SMPC).
SCPC is primarily engaged in the manufacturing, processing, and selling of all kinds of paper products, paper board, and corrugated carton containers, as well as lease of properties.
SMPC is in the business of manufacturing, importing, buying, selling, or otherwise dealing in, at wholesale and retail, all kinds of paper, paper rolls, paper boards, cartons, containers, packaging materials, and other pulp and paper products.

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