SUBSCRIBE

Print & Digital

  • Log in as
  • Business Owner
  • Member

Search the:    Site    Directory

Real estate firm eye cities abroad for equity offering

Funds raised in the six city tour will be used to increase capitalization

Jan 10, 2011 14:00 pm

The Gotianun-led Filinvest Development Corporation has started its road show for its equity offering in six major cities around the world, spanning Asia, Europe, and North America.

Executives of Filinvest will fly to Singapore, Hong Kong, London, New York, Boston and San Francisco to do a top-up offering wherein they will sell 2.5 billion shares of the publicly listed real estate firm, to the public and then subscribe the same number of shares at the same price in FDC.

Total proceeds from the 2.5 billion FDC shares will be used by FDC for land and hospitality business development, increase bank capitalization, investment in the infrastructure and utilities business and debt repayment.

 “The base offering of 2.5 billion shares is intended to put FDC and its subsidiaries in a good position to take advantage of opportunities from the robust growth we expect the country to have in the next few years,” Josephine Gotianun Yap, President and CEO of Filinvest, said.

The transaction, which will increase the public float of Filinvest shares from 6% to 29.5%, is expected to be completed by end of January 2011.

UBS AG is acting as Sole Global Coordinator and Joint Bookrunner while JP Morgan Securities Ltd. is acting as Joint Bookrunner for the offering.

Related Articles

Property sector as good biz opportunity

Makati CBD's redevelopment plan

Developer says entrepreneurs prefer Makati residence

related articles