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Filinvest Development says payment for 10-year retail bonds finished

GOTIANUN-LED conglomerate Filinvest Development Corp. (FDC) announced on Thursday the completion of payment for its 10-year fixed rate retail bonds issued in 2014.

In a regulatory filing, FDC said that the bonds, with an aggregate amount of P8.8 billion, were issued on Jan. 24, 2014, and matured on Jan. 24 this year. 

“The bonds were paid through the company’s paying agent, the Philippine Depository & Trust Corp.,” FDC said.

The net proceeds from FDC’s retail bond issue were used to finance investments in the real estate sector and power generation, and these retail bonds received the highest PRS Aaa rating from the Philippine Rating Services Corp., according to the company.

FDC has diversified business interests encompassing property, banking services, sugar, and power, with subsidiaries including Filinvest Land, Inc., East West Banking Corp., FDC Utilities, Inc., and Pacific Sugar Holdings Corp.

For the first nine months of 2023, FDC’s attributable net income improved by 57% to P5.9 billion compared to P3.8 billion in 2022, as the conglomerate’s revenues rose by 26% to P64.6 billion.  

Shares of FDC were last traded on Jan. 22 at P5.55 apiece. — Revin Mikhael D. Ochave 

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The article was originally published in Business World.

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