8990 Holdings to sell P5-b worth of shares

Mass housing developer 8990 Holdings Inc. plans to raise up to P5 billion from a preferred shares offering.

The company said in a filing with the Securities and Exchange Commission it would offer 30 million preferred shares, with an oversubscription option for another 20 million preferred shares at a maximum price of P100 apiece.

The net proceeds will be used to refinance existing debt obligations of subsidiary 8990 Holdings Development Corp. through equity infusion, it said.

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The company tapped China Bank Capital as the sole issue manager, lead underwriter and sole book runner for the offering.

The non-voting, non-convertible and redeemable preferred shares will be listed on the main board of the Philippine Stock Exchange.

The preferred shares will be issued from the company’s 100 million preferred shares offering under the shelf-registration program approved by the SEC in 2017.

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Article and Photo originally posted by Manila Standard last November 30, 2020 7:35pm and written by Jenniffer B. Austria.

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