A Brown Company, Inc. has successfully concluded its follow-on offering (FOO) and has listed its Series B and Series C preferred shares on the Philippine Stock Exchange on February 23, 2024. A Brown raised P 1.44 billion from the share sale, the offer being 1.44x oversubscribed from the base amount. The offering marks a milestone being the largest capital raising exercise of the company to date. The offering was well received by the investor community allowing the dividend yields to be priced at low end of the range. The Series B and Series C preferred shares have a dividend rate of 8.25 percent and 8.75 percent per annum, respectively. 7,431,750 Series B (PSE: BRNPB) preferred shares and 6,941,000 shares for Series C preferred shares (PSE: BRNPC) were issued and listed on February 23, 2024.
The proceeds from this landmark fundraising initiative will be for the development of A Brown's residential projects in Mindanao and Luzon, further bolstering its land banking efforts, and for general corporate purposes. PNB Capital and Investment Corp. was the sole issue manager, lead underwriter, and sole bookrunner for the offering. A Brown is a Mindanao-focused real estate developer. In recent years, the company has diversified its business interest toward power generation, public utilities, and agribusiness-industries that are seen to provide steady, recurring income. You may read related topic: PSE Approves A Brown Company Inc.'s P1.5 billion Preferred Share Offering
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