Mass housing developer 8990 Holdings Inc. began its P5 billion preferred share offering today.
The offering will run until Nov. 23. The non-voting, non-covertible, redeemable peso denominated shares have a quarterly dividend rate of 6.0263 percent per annum.
8990 is offering 50 million preferred shares at P100 each. The shares form part of the first tranche of 100 million preferred shares registered under the shelf registration program with the Securities and Exchange Commission.
The shelf registration is valid for three years.
?So far, we are extremely happy with the market?s response. Our goal for 2017 is to strengthen our balance sheet. The Php5 billion preferred shares issuance is part of our strategy to achieve this, allowing us to focus more on expanding our portfolio of mass housing projects across the country ,? said Willie Uy, COO of 8990 Holdings.
8990 has completed a total of 52 projects to-date and is set to launch eight developments this year.