8990 Holdings Inc. is set to list its series A preferred shares offering with the Philippine Stock Exchange on December 1 in order to raise funds to fund its mass housing expansion.
The company said Friday the offering period began on November 17 and would end on November 23.
“So far, we are extremely happy with the market’s response. Our goal for 2017 is to strengthen our balance sheet. The P5-billion preferred shares issuance is part of our strategy to achieve this, allowing us to focus more on expanding our portfolio of mass housing projects across the country,” 8990 chief operating officer Willie Uy said.
The preferred share issuance is cumulative, non-voting, non-participating, non-convertible, redeemable peso-denominated with an issue size of 50 million shares at P100 apiece. 8990 has the option to redeem the preferred shares in whole on the fifth anniversary of its listing date.
Otherwise, a step-up rate will replace the current dividend rate on the fifth anniversary of its listing date, unless the preferred shares are redeemed by the company.
8990 said the P5-billion offering was the first tranche of its 100 million preferred shares shelf registration with the Securities and Exchange Commission valid for three years.
The PSE approved the company’s application for the listing of the shares on the main board of the PSE on November 8, 2017.
The PSE approval does not cover the entire 100,000,000 preferred shares that are under shelf registration.
China Bank Capital is the sole issue manager, lead underwriter and book runner for the initial tranche of preferred shares.
8990 is the leading mass housing developer with 52 projects completed to-date. It is set to launch eight developments in 2017.
