Pangilinan-led Roxas Holdings sets terms of P1B stock rights offering
First Pacific-led sugar firm Roxas Holdings Inc. has set the record date for its stock rights offering, which is expected to fetch at least P1 billion
Hong Kong conglomerate First Pacific Co. Ltd. is headed by bilyonaryo Manuel V. Panglinan.
Roxas Holdings plans to sell 265.97 million common shares to existing shareholders at a rights entitlement ratio of one rights share for every 4.33 common shares held as of record date May 4 this year.
The offering will run from May 12 to 18, based on a disclosure filed with the Philippine Stock Exchange.
The offer price will be computed based on a 10 percent discount to the 90-day volume weighted average price of Roxas Holdings shares on April 27.
Proceeds from the offer will be used to partially pay debt obligations of wholly-owned unit Roxas Pacific Bionergery Corp.
The loan was used to partially finance the acquisition of San Carlos Bipneevery Inc. in April last year, acquire an additional 8megawatt steam turbine generator for sugar milling and refining, and install a heavy duty pressure feeder to the sugar plant milling equipment.