P8-B Filinvest share sale set for Monday

Manila, Philippines – Filinvest Development Corporation is all set to raise up to P8 billion in fresh funds in a share sale that begins on Monday.

The Gotianun-led conglomerate told the stock exchange that corporate regulator Securities and Exchange Commission (SEC) issued a permit for its follow-on offering that covers six million preferred shares, with an oversubscription option of two million more preferred shares.

The shares up for sale are peso-denominated and priced at P1,000 each, boosting Filinvest’s war chest by P8 billion, if maxed out. The offer consists of Series A and Series B that pay out a dividend of 6.6253% and 7.1087%, respectively.

The share sale begins on Monday, July 21, and will run until month-end.

Listing on the main board of the Philippine Stock Exchange is set for Aug. 8.

Shares in Filinvest, with ticker symbol FDC, were last traded at P4.97 each, up by 3.1% on Friday.

Business News Anchor Lois Calderon contributed to this story.