Po family to get fresh funding: SEC OKs Arthaland’s P3B preferred share issue

The Securities and Exchange Commission has approved a plan by sustainable developer Arthaland to issue as much as P3 billion worth of preferred shares to repay debt and fund additional investments in subsidiaries.

Po family-led Arthaland will offer up to four million Series D preferred shares with an oversubscription option of up to two million preferred shares at a maximum price of P500 each.

Assuming the oversubscription option is fully exercised, the company expects to net around P2.96 billion, a portion of which will be used for the redemption of its series B preferred shares and for additional investments in Cebu Exchange and Savya Financial Center to boost recurring income.

The 38-storey Cebu Exchange is seen to be one of Cebu’s largest and tallest office developments with a net saleable area of almost 90,000 square meters.

The preferred shares are expected to be listed on the stock exchange on November 29, based on the latest timetable submitted to the SEC.

BDO Capital is the sole issue manager, lead bookrunner and lead underwriter for the offer.

SOURCE: Bilyonaryo

Categories: arthaland