SEC OKs Filinvest P8-B share offer

Filinvest Development Corp. (FDC) has moved a step closer to raising P8 billion from a preferred shares offering. This, after securing the go signal of the Securities and Exchange Commission (SEC).

The corporate watchdog on Thursday said its commission en banc had approved the registration statement of FDC. The Gotianun-led conglomerate’s businesses span the real estate, hospitality and banking sectors.

The offer will cover 6 million preferred shares at P1,000 each. It comes with an oversubscription option of up to 2 million shares in case of strong demand from investors.

Proceeds will be used to refinance existing debt, fund capital expenditures and general corporate purposes, the SEC said.

The shares will be offered from July 21 to July 25. Listing on the main board of the Philippine Stock Exchange scheduled on Aug. 4.

This is still subject to the approval of the local bourse, FDC said in a separate regulatory filing.

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BPI Capital Corp., BDO Capital and Investment Corp., China Bank Capital Corp., Land Bank of the Philippines and Security Bank Capital Investment Corp. were tapped as joint lead underwriters and joint bookrunners. BPI Capital will be the sole issue manager.

This comes after FDC booked a strong first quarter. Its earnings surged by 25 percent to P3.6 billion.