Mindanao-based real estate developer A Brown Company Inc. (ABCI) plans to raise P1.5 billion from preferred shares offering.
ABCI said in a statement it filed with the Securities and Exchange Commission (SEC) an application to launch the second tranche of its preferred shares offering of up to P1.5 billion by January 2024.
The proposed offering consists of 10 million preferred shares at P100 per share, with an oversubscription option for another 5 million preferred shares to be issued from the company’s shelf registration of 50 million preferred shares.
It said it would use the net proceeds to finance the development of pipeline real estate projects in Mindanao and Luzon, land banking initiatives and other general corporate purposes.
“Among our high-priority developments are Coral Bay Suites and Alexandrite Columns, both of which are condominiums with resort amenities and scenic views,” said ABCI president and chief executive Robertino Pizarro.
Coral Bay Suites and Alexandrite Columns are ABCI’s first ventures into vertical development.
ABCI assigned PNB Capital and Investment Corp. as its sole issue manager, lead underwriter and sole bookrunner for the transaction.
