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.
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