PHINMA Corporation Completes P1 Billion Stock Rights Offering

PHINMA Corporation successfully concluded its stock rights offering (SRO) with the listing of its shares at the Philippine Stock Exchange (PSE) on Wednesday. The SRO raised P1 billion in capital that will support the Company’s investment and expansion opportunities directly catering to underserved Filipino families and communities.

Present during the bell ringing ceremony at the PSE Tower were PHINMA Chairman Emeritus Oscar J. Hilado, Chairman & Chief Executive Officer Ramon R. del Rosario, Jr., Executive Vice President - Construction Materials Eduardo A. Sahagun, Chief Financial Officer EJ A. Qua Hiansen, and Group Controller Regina B. Alvarez.

The completion of the SRO also came at an opportune time, as it coincided with the Group’s 68th anniversary this November.

“PHINMA shall continue to serve Filipino families and communities by providing the essentials to a dignified life through the united efforts of our businesses and investments in industries enabling us to make an even bigger impact on our society and country. We look forward to your continued support as we pursue our lofty business goals and longstanding commitment to making lives better,” said Mr. del Rosario during the ceremony.
 
The offer consisted of 50 million shares priced P20 a piece and ran from November 13 to 19.
 
“PHINMA Corporation is committed to delivering strong results for our stakeholders. Thanks to the continued support of our shareholders, we are proactively strengthening our balance sheet while maintaining the flexibility to make strategic investments that will fuel our future success,” said Mr. Qua Hiansen.
 
The Group will allocate the following amounts to specific business endeavors: P250 million for the establishment of PHINMA Hospitality’s TRYP by Wyndham hotel in Saludad, the Group’s first-ever mixed-use master-planned 21-hectare township in Bacolod City; P210 million for the development of Union Insulated Panel Corp.’s new state-of-the-art facility in Pampanga with a yearly capacity of one million square meters; P200 million for projects of PHINMA Properties in emerging cities outside Metro Manila such as Bacolod, Cebu, and Davao; P170 million for the 58 projects secured by PHINMA Solar Energy Corp. in the government’s Green Energy Auction Program; and P114 million for the construction of Philcement Corp.’s modern cement manufacturing facility in Davao del Norte that can produce two million metric tons annually.
 
Of the proceeds, P239.56 million will be used for investments in areas of socialized housing, food security, healthcare, and the green industry, along with general corporate purposes.