LBC Express Holdings Inc., a logistics company controlled by the Araneta family, said it will refile with the Securities and Exchange Commission a registration statement for a P1.5-billion share sale.
LBC Express said in a disclosure to the stock exchange its board of directors approved during a meeting on July 10 the re-filing with the SEC of the application for the sale of 69.1 million common shares, consisting of 10 million primary shares and 59.1 million secondary shares owned by selling shareholders.
The company set an indicative price of P22 per share, higher than the stock’s closing price of P15.50 per share on Monday.
Philippine Commercial Capital Inc. was tapped as the lead underwriter and issue manager for the follow-on offering.
“The company expects to use the net proceeds from the offering for general corporate purposes and working capital, including the expansion of retail and corporate business, information technology development, and other corporate purposes,” LBC Express said.
The follow-on offering is subject to the approval of the SEC and the Philippine Stock Exchange.