The Philippine Stock Exchange approved the P5-billion preferred shares offering of mass housing developer 8990 Holdings Inc.
8990 Holdings will issue 30 million preferred shares, with an oversubscription option of another 20 million preferred shares at an price of P100 apiece.
The cumulative, non-voting, non-convertible and redeemable preferred shares will be issued as second and last tranche of the company’s shelf registration of 50 million preferred shares.
Net proceeds from the offering will be used to fund general working capital, construction of projects and repayment of debts. The company hired China Bank Capital as the sole issue manager and lead underwriter for the offering from Jan 2, 2021 to Feb. 2, 2021.
The preferred shares will be listed under the main board of the PSE on Feb. 9, 2021 under the trade symbol “8990B”.
