PHINMA Corp. has accomplished its P1-billion stock rights offering (SRO) with the shares listed on the Philippine Stock Exchange on Wednesday.
The SRO comprised 50 million shares priced at P20 each, which were offered from Nov. 13 to 19, the conglomerate said in a regulatory filing.
Of the full, PHINMA will allocate P250 million for the establishment of PHINMA Hospitality’s TRYP by Wyndham hotel in its 21-hectare Saludad township in Bacolod City, while P210 million will go to the event of Union Insulated Panel Corp.’s latest facility in Pampanga with an annual capability of a million square meters.
Some P200 million will probably be for PHINMA Property Holdings Corp.’s projects in Bacolod, Cebu, and Davao.
“These projects will allow us to satisfy the housing aspirations of low- to mid-income Filipinos,” PHINMA Chairman and Chief Executive Officer Ramon R. del Rosario, Jr. said throughout the SRO’s listing ceremony.
PHINMA will use P170 million for the 58 projects secured by PHINMA Solar Energy Corp. in the federal government’s Green Energy Auction Program, while P114 million will go to the establishment of Philcement Corp.’s cement manufacturing facility in Davao del Norte with a yearly capability of two million metric tons.
The conglomerate will allot P239.56 million for investments in socialized housing, food security, healthcare, and the green industry, together with general corporate purposes.
“The offering provides existing eligible shareholders and latest ones in the shape of institutional investors with a chance to deepen their investment in PHINMA’s mission to assist construct our nation through competitive and well-managed business enterprises that enable Filipinos to realize a greater quality of life,” Securities and Exchange Commission Commissioner McJill Bryant T. Fernandez said.
“PHINMA has successfully forayed into various industries and established its mark in these sectors through the years. Its diverse interests are also a mirrored image of its commitment to pursuing businesses that may uplift the lives of Filipinos,” Philippine Stock Exchange President and Chief Executive Officer Ramon S. Monzon said.
On Wednesday, PHINMA shares rose by 1.03% or 20 centavos to P19.70 per share. — Revin Mikhael D. Ochave
