Sugar producer Roxas Holdings Inc. raised P1.117 billion from a stock rights offering amid strong demand from investors, according to the underwriter that handled the transaction.
BDO Capital and Investments Corp. president Eduardo Francisco said in a text message the rights offer shares were taken up, with some investors even asking for more shares.
Roxas Holdings offered 266.753 million rights shares to eligible shareholders at ratio of one right share for every 4.33 common shares owned at P4.19 apiece. Offer period started May 12 and ended May 18.
The offer shares came from the unissued capital stock of the company.
Net proceeds from the fund raising activity will be used to partially pay the loan obligations that partly funded the acquisition of bioethanol producer San Carlos Bioenergy Inc., purchase an additional 8-megawatt turbine generator for sugar milling and refining and install a heavy-duty pressure feeder to the sugar plant milling equipment.
