The board of Pryce Corp. approved the sale of 24.5 million shares to an institutional investor for P122.5 million.
“The board of directors approved today the placing and subscription transaction whereby Josefina Multi-Ventures Corp. will sell 24,500,000 PPC shares to an institutional buyer through an investment banker,” Pryce said in a disclosure to the stock exchange.
Josefina Multi-Ventures is the majority shareholder of the company, which sells liquefied petroleum gas.
Pryce said the subscription price for the shares was P5 per share and would be paid in cash, pending the application for and the approval of the increase in its capital stock.
“The shareholder will thereafter subscribe to the same number of shares after the approval of an increase in the capital stock of the company,” it said.
Pryce said the transaction would allow for the stimulation of liquidity in the market and “will infuse fresh capital into the Company to fund its general working capital requirements.”
Sales of LPG, the group’s main product line, accounts for 90 percent of its revenues.