It is selling up to 15 million preferred shares, including an oversubscription option of up to five million preferred shares, at P100 each. The offer will run until November 19 with tentative listing set on November 29.
The preferred shares will carry an initial dividend rate of 7% per annum, to be paid quarterly.
PNB Capital and Investment Corp. is the sole issue manager, lead undewriter and sole bookrunner of the offer.
A.Brown is setting aside P600 million of the total proceeds to partly fund its real estate projects in key cities in Luzon and Mindanao. Another P400 million will go to strategic land banking initiatives in Tanay, Rizal, Cagayan de Oro, Butuan City and Bukidnon.
Some P350 million has been earmarked for subsidiary Irradiation Solutions Inc.’s e-beam project, located in Tanay, Rizal. The facility will cater to the medical and food industries.
The e-beam is a globally accepted technology used for the reduction of microbial loads in spices, herbs and cosmetic raw materials. It is also used for treatment of fruits and seafood and is one of the most economical sterilization methods for medical devices.
“This fund raising activity allows us to maximize opportunities in our real estate business alongside expansion in new growth industries. In recent years, A Brown has focused on strengthening our balance sheet with an increasing asset and equity base and low reliance on debt,” said Robertino E. Pizarro, A.Brown president.
SOURCE: Bilyonaryo
0 comments:
Post a Comment