PHINMA Corporation (PHINMA) will be conducting a stock rights offering (SRO) this year to support the Company's investment and expansion opportunities to better improve more lives. The Company's Board of Directors approved the offer 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 Mr. EJ A. Qua Hiansen, PHINMA Chief Financial Officer. Apart from strengthening PHINMA's capital base, the SRO 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. In particular, 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 Corporation, Philcement Corporation, and PHINMA Solar Energy Corporation-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 11), along with Philcement's conclusion oftalks for the acquisition of Petra Cement Inc. through its 70% 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 Mr. Ramon R. del Rosario, Jr., PHINMA Chairman and Chief Executive Officer. AB Capital & Investment Corporation will serve as the issue manager, book runner, and lead underwriter for the transaction. Meanwhile, the Company also reported consolidated revenues of P10.37 billion from January to June, up 17% from the same period last year. This uptick was driven by higher enrollment in PHINMA Education, as well as the consolidation of PHINMA's property and hospitality businesses. PHINMA's consolidated net income was at P170.93 million for the first half of 2024.
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