Property

PSE oks 8990 Holdings’ P5B preferred share offering

The Philippine Stock Exchange has approved a plan of low-cost housing builder 8990 Holdings Inc. to issue P5 billion worth of preferred shares.

The company is offering 30 million preferred shares at P100 each share. In the event of ovesubscription, 8990 has an option to increase the offer size up to an additional 20 million preferred shares.

China Bank Capital Corp. is the sole issue manager and bookrunner.

The offer period will run from January 25 to Feb. 2 while the listing of the shares has been set on February 9.

Proceeds from the issue will be used to refinance existing debt obligations of 8990 Holdings Development Corp.

8990 is a developer of horizontal subdivisions, medium rise buildings, and high rise buildings under the brands Deca Homes, Urban Deca Homes and Urban Deca Tower brands.

In the past 17 years, 8990 has produced more than 71,000 homes across 10 branches nationwide.

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