PHINMA Corp. said Wednesday it will conduct a stock rights offering (SRO) this year to support the company’s investment and expansion opportunities.
The company said its board approved the offering consisting of P1 billion in primary common shares to be listed in the fourth quarter of 2024.
“The stock rights offering reflects investor confidence in PHINMA’s growth prospects while allowing us funding flexibility as we pursue investments that will make lives better,” said PHINMA chief financial officer EJ Qua Hiansen.
The SRO, apart from strengthening PHINMA’s capital base, will also complete the group’s consolidation efforts, placing it in a better position to provide essentials to dignified lives through education, construction materials, property development and hospitality.
PHINMA Properties recently launched its township in Bacolod City in line with the company’s commitment to regional progress.
Saludad, a 21-hectare mixed-use development, is the latest among PHINMA Properties’ efforts to expand its presence outside Metro Manila.
PHINMA Construction Materials Group—composed of Union Galvasteel Corp., Philcement Corp. and PHINMA Solar Energy Corp.—also continued efforts related to its growth projects.
These include PHINMA Solar’s preparatory activities for eventual installation of projects it secured under the government’s second Green Energy Auction Program (GEAP II), along with Philcement’s conclusion of talks for the acquisition of Petra Cement Inc. through its 70-percent owned subsidiary Philcement Mindanao Corp. by year-end and signing of joint venture agreements with Anflo Group management and investment company ANFLOCOR to build a modern cement manufacturing plant in Davao del Norte.
PHINMA’s newest business unit, Union Insulated Panel Corp. also broke ground on its manufacturing facility in Pampanga, marking the group’s first investment geared at addressing the country’s worsening food and climate crises.
“With this offering, PHINMA can better support its investments in current and upcoming business ventures—allowing us to cater to more Filipino families and communities. The group will become stronger and better prepared for what lies ahead because of this,” said PHINMA chairman and chief executive Ramon del Rosario Jr.
AB Capital & Investment Corp. will serve as the issue manager, book runner, and lead underwriter for the transaction.
Meanwhile, the company reported its consolidated net income reached P170.93 million in the first half of 2024 as revenues went up 17 percent to P10.37 billion.
