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Jul 16, 2018 @ 18:21

Phinma subsidiary borrows P500M to refinance debt


Union Galvasteel Corp., a unit of Del Rosario-led holding firm Phinma Corp., secured P500 million in loans from two banks.

In a stock exchange filing, Phinma said Union Galvasteel obtained a P400 million loan from BDO Unibank and P100 million from Security Bank Corp.

The loans will be used to refinance settlement of a term loan, acquisition of equipment and for general working capital requirements.

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