A Brown gets PSE nod for P1.5-billion preferred shares offering
LISTED A BROWN Co., Inc. (ABCI) has received approval from the Philippine Stock Exchange, Inc. (PSE) for its P1.5-billion preferred shares offering.
In a statement on Tuesday, ABCI said the offering consists of 10 million preferred shares, comprising Series B and C, priced at P100 apiece, with an oversubscription option for an additional five million shares.
The proceeds will be used for developing the company’s residential projects in Luzon and Mindanao, land banking initiatives, as well as other general corporate purposes.
The offer period began on Feb. 12 and will end on Feb. 16, with the listing date set for Feb. 23.
“We are delighted to have received the PSE’s approval for our preferred shares offering. This marks an important milestone for ABCI as we continue to pursue our vision of creating sustainable and thriving communities,” ABCI Chief Executive Officer Robertino E. Pizarro said.
ABCI tapped PNB Capital and Investment Corp. as the lone issue manager, lead underwriter, and sole bookrunner for the offering.
For the first nine months, A Brown logged a 21% jump in its net income to P484.5 million as its revenue rose 24% to P1.1 billion.
The completion of the company’s electron beam (e-beam) and cold storage facility in Rizal is slated next month, with anticipated earnings contributions this year. E-beam technology is an economical option for commercial and sterilization methods, and is used in various agricultural products and medical devices.
ABCI is a Mindanao-based property developer that has a diversified portfolio comprising of residential and commercial real estate projects. The company also has business interests in power generation, public utilities, and agribusiness.
On Tuesday, shares of ABCI fell by three centavos or 4.55% to 63 centavos apiece. — Revin Mikhael D. Ochave
