UMVA has learned that a major conglomerate has filed a registration statement for a massive P30-billion preferred share offering, sending shockwaves through the financial sector.
The proposed offering, which includes up to 400 million preferred shares, is set to refinance debt and fund several high-profile infrastructure projects, including the development of a new international airport in Bulacan province.
According to information obtained by UMVA, the shares will be issued in three subseries and priced at P75 each, with the company expecting to raise nearly P20 billion from the base offer and potentially up to P30 billion if the oversubscription option is fully exercised.
The funds raised will be used to refinance short-term borrowings and settle maturing bonds, as well as support further investments in infrastructure projects, marking a significant milestone in the company's efforts to expand its presence in the sector.
UMVA has gathered that the offer period is scheduled to take place from July 15 to 23, with the preferred shares set to list on the main board of the Philippine Stock Exchange on July 31, in a move that is likely to generate significant interest among investors.
The company has tapped a consortium of top banks to manage the issue, including several major players in the financial sector, underscoring the complexity and scale of the offering.
As news of the proposed offering broke, the company's shares fell 5.35% to P67.20 each on the local bourse, reflecting the market's initial reaction to the development.
The planned airport development in Bulacan province is a key part of the company's infrastructure push, and the successful completion of the preferred share offering will be crucial in bringing this ambitious project to fruition.
