Phinma tops up war chest for project pipeline

Phinma Corp. has secured fresh cash allocated to expand its business in hospitality, real estate, energy and construction, having wrapped up its P1-billion stock rights offering.

In a statement on Wednesday, the conglomerate led by the Del Rosario family said this transaction comprised 50 million shares priced P20 apiece.

The offer period ran from Nov. 13 to Nov. 19.

The biggest chunk of the proceeds from the fundraise, P250 million will go to the construction of Phinma Hospitality’s TRYP by Wyndham hotel in Saludad, a 21-hectare township in Bacolod City.

Allotments

Also, the conglomerate’s insulated panel facility in Pampanga, which has an annual capacity of one million square meters, will receive P210-million funding.

Further, the company earmarked P200 million for Phinma Properties’ projects in the cities of Bacolod, Cebu and Davao.

Some P170 million will go to the 58 projects that Phinma Solar Energy Corp. secured through the government’s Green Energy Auction Program.

Philcement Corp.’s cement manufacturing facility in Davao del Norte is allotted P114 million.

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Infusion

The remaining P239.56 million will be used for investments in socialized housing, food security, health care and other General corporate matters.

“Phinma shall continue to serve Filipino families and communities by providing the essentials to a dignified life through the unified efforts of our businesses and investments in industries enabling us to make an even bigger impact on our society and country,” Phinma chair and CEO Ramon del Rosario Jr. said.

This transaction was completed after Phinma Education Holdings Inc. received just last month a P2.52-billion capital infusion from Phoenix Investments Pte. Ltd., an investment vehicle of funds managed by international firm KKR Global Impact.