GOTIANUN-LED conglomerate Filinvest Development Corp. (FDC) has secured approval from the Philippine Stock Exchange, Inc. (PSE) for its planned P8-billion preferred share offering.
The PSE approved FDC’s follow-on offering of up to 8 million Series A and Series B preferred shares, both priced at P1,000 per share, the stock market operator said in a notice on Tuesday.
The issuance consists of a base offer of up to 6 million preferred shares and an oversubscription option of up to 2 million preferred shares.
The offer period will run from July 21 to July 31, with a tentative listing date on Aug. 8, based on the latest prospectus dated July 14.
“The exchange’s approval of the listing of the offer shares is subject to the company’s compliance with any and all of the post-approval conditions and requirements of the exchange, the Securities and Exchange Commission, and other relevant regulatory bodies,” the PSE said.
FDC will use the proceeds to refinance existing obligations and support growth initiatives aligned with its long-term investment strategy.
The conglomerate expects to generate P7.93 billion in net proceeds, assuming the oversubscription option is fully subscribed. The funds will be used to refinance existing debt obligations, finance capital expenditures, and cover general corporate purposes.
FDC tapped BPI Capital Corp. as the sole issue manager. BPI Capital, together with BDO Capital & Investment Corp., China Bank Capital Corp., Land Bank of the Philippines, and Security Bank Capital Investment Corp., will serve as joint lead underwriters and bookrunners.
For the first quarter, FDC grew its attributable net income by 25% to P3.6 billion. Total revenue and other income rose by 11% to P29.3 billion, led by its banking, real estate, hospitality, and sugar segments.
The conglomerate has allocated P24 billion for capital expenditures this year, 47% of which will go toward the expansion of its real estate projects.
On Tuesday, FDC shares rose by 1.02% or five centavos to P4.93 per share. — Revin Mikhael D. Ochave