A. Brown Company Inc. said Monday its board of directors approved the issuance of up to P1.5 billion worth of preferred shares.
ABCI said in a disclosure to the stock exchange the company would initially offer 15 million preferred shares at P100 apiece. ABCI said the preferred shares may or may not have the features of dividend rate step up and are redeemable in five years.
The preferred shares will be issued from the company’s 50 million preferred shares shelf-registration program to be filed with the Securities and Exchange Commission.
ABCI appointed PNB Capital and Investment Corp. as the sole issue manager for the fund raising activity.
The company earlier said it would pursue expansion for its property, power and bulk water businesses to sustain the company’s growth momentum. Under the plan, the company plans to expand its power generation portfolio to include fully-owned subsidiary Vires Energy Corp.’s combined-cycle floating liquefied natural gas power plant in Simlong, Batangas.