Roxas Holdings gets PSE approval for share sale
ROXAS HOLDINGS, Inc. (RHI) secured the approval of the Philippine Stock Exchange, Inc. (PSE) to kick off the sale of new shares to existing investors that will raise funds for expansion and debt settlement.
RHI is raising P1.11 billion from a stock rights offer after pricing the shares at P4.19 apiece, an 8.11% discount to its closing price of P4.56 each on Wednesday, the sugar group said in a disclosure to the stock exchange on Thursday.
“For a rights issue, it’s always priced at a discount because you already have the shares. Why will you buy it at a higher price?” BDO Capital & Investment Corp. President Eduardo V. Francisco said in an interview on Wednesday.
Read full Article here »