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Sunday, December 22, 2024
26.9 C
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Sunday, December 22, 2024

FDC eyeing offering to fund group’s expansion

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Filinvest Development Corp., the holding company of the Gotianun family, is planning an equity offering to raise fresh funds to finance the expansion of core and new business ventures.

FDC said in a disclosure to the stock exchange its board approved the equity offering that might involve rights offering or public offering of shares.

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The company, which has investments in real estate, banking, sugar milling, power generation and infrastructure sectors, has not finalized the terms and conditions of the offering, including the number of shares to be sold and the price.

The company has yet to appoint underwriters, lead managers, arrangers, global coordinators and stabilization agent for the equity offering.

FDC chief finance officer Nelson Bona said in a mobile message the company would use the proceeds from the planned share sale “to finance the growth of various operating units of Filinvest Group.”

“We will announce use of proceeds soon together with other details,” Bona said.

Share price of FDC hit a new 52-week high at P14.84 per share before closing at P14.70 Wednesday following the disclosure. The share price of FDC has been on the upward trend since November last year.

In January, North Luzon Airport Consortium, comprising of FDC, JG Summit Holdings Inc., Philippine Airport Ground Support Solutions Inc. and Changi Airport Philippines (I) Pte. Ltd., a wholly owned subsidiary of Changi Airports International, won the operations and maintenance contract of the Clark International Airport. 

NLAC received the notice of award for the project, dubbed a hybrid Public Private Partnership project with a 25-year concession from the Bases Conversion Development Authority. 

The consortium has committed to spend about P6 billion to fit out the new terminal with a capacity to serve eight million passengers a year, doubling the current output of the existing terminal. 

FDC had considered selling up to 2.5 billion shares but deferred it due to the slowdown in the global economy and poor market conditions.

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