MANILA, Philippines — The Securities and Exchange Commission (SEC), has approved the bond offering of Ayala Land Inc. and Megawide as well as the share sale of Synergy Grid & Development Phils. and The Keepers Holdings Inc.
Synergy Grid will do a follow-offering of one billion common shares priced at P15 to P25 each, with an over-allotment option of up to 101 million common shares that will be offered by selling shareholders Henry Sy Jr. and Robert Coyiuto Jr.
The company expects to net P25.69 billion from the offer, to be used for subscription to the non-voting preferred shares to be issued by the National Grid Corp. of the Philippines, which NGCP will use to finance its capital expenditure requirements and related costs and expenses.
The follow-on offering is scheduled to run from Oct. 26 to Nov. 2, with the shares to be listed on the PSE on Nov. 10, based on the latest timetable submitted to the SEC.
Ayala Land, meanwhile, will issue an initial tranche of P5.4 billion worth of 2031 fixed rate bonds, out of a shelf registration of P50 billion.
It expects to net P2.75 billion from the base offer and another P2.75 billion from an oversubscription option.
Proceeds will be used to partially refinance the company’s short-term loans and to fund capital expenditures for projects In Batangas, Laguna, and Bulacan.
Megawide will be offering 30 million cumulative, redeemable, non-voting, non-participating, and non-convertible perpetual Series 4 preferred shares priced at up to P100 each, with an oversubscription option of up to 10 million preferred shares.
The listed engineering and construction company expects to net P3.9 billion from the offer, assuming the oversubscription option is fully exercised.
Megawide will use the proceeds to redeem the company’s Series 1 preferred shares.
Lucio Co’s The Keepers Holdings will offer to the public three billion common shares at P2 to P2.50 per share to raise P5.82 billion to P7.29 billion. Proceeds from the offer will be used to fund its growth and expansion.
The offering will run from Nov. 8 to 12, with the shares to be listed on the PSE on Nov. 22.
Where was published by Philippine Star and written by Iris Gonzales.