PHINMA Corp. raised P1 billion from its stock rights offering that will support the company’s investment and expansion opportunities.
The stock rights were listed on the Philippine Stock Exchange (PSE) Wednesday.
“PHINMA shall continue to serve Filipino families and communities by providing the essentials to a dignified life through the unified efforts of our businesses and investments in industries enabling us to make an even bigger impact on our society and country,” said PHINMA chairman and chief executive Ramon del Rosario during the listing ceremony.
The company said of the P1 billion fresh capital raised, it would use P250 million for the establishment of PHINMA Hospitality’s TRYP by Wyndham hotel in Saludad, the group’s first mixed-use master-planned 21-hectare township in Bacolod City.
Another P210 million will be for the development of Union Insulated Panel Corp.’s state-of-the-art facility in Pampanga province.
The group also budgeted P200 million for projects of PHINMA Properties in emerging cities outside Metro Manila including Bacolod, Cebu and Davao.
It allocated P 170 million for 58 projects secured by PHINMA Solar Energy Corp. under the Green Energy Auction Program and P114 million for the construction of Philcement Corp.’s modern cement manufacturing facility in Davao del Norte.
The cement plant will have production capacity of 2 million metric tons annually.
The offer consisted of 50 million shares priced P 20 apiece. AB Capital & Investment Corp. acted as the issue manager, book runner and lead underwriter for the transaction.
