FDC sets P8B preferred share sale

The Securities and Exchange Commission (SEC) has approved the planned P8-billion non-convertible perpetual preferred share offering of the Gotianun Group’s holding company, Filinvest Development Corp. (FDC).

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In a disclosure to the Philippine Stock Exchange (PSE), FDC said it will have a base offer of P6 billion, consisting of six million shares at P1,000 per share, and an oversubscription option of up to P2 billion, or two million shares.

The shares will be offered in up to two tranches, with the series A preferred shares, which are non-redeemable for two years from the issue date, and series B preferred shares, which are non-redeemable for a period of five years from the issue date.

Proceeds from the offering will be used by FDC to refinance existing debt obligations, fund capital expenditures (capex), and support general corporate purposes.