SEC okays Preferred Share Offer by Filinvest

​The Securities and Exchange Commission (SEC) has considered favorably the preferred share offering of Filinvest Development Corporation of up to P8 billion

In its meeting on July 8, the Commission En Banc resolved to render effective the registration statement of Filinvest covering up to eight million preferred shares, subject to the company’s compliance with certain remaining requirements.

The offer will consist of six million preferred shares as part of the base offer, with an oversubscription option of up to two million. The preferred shares, which are perpetual, cumulative, non-voting, non-participating, non-convertible, redeemable, and re-issuable, will be priced at P1,000 apiece.

Filinvest expects to net up to P7.93 billion from the offer, assuming oversubscription is fully exercised. Proceeds will be used for refinancing, capital expenditures and general corporate purposes.

The preferred shares will be offered from July 21 to 25, in time for listing at the Main Board of the Philippine Stock Exchange on August 4, according to the latest timetable submitted to the SEC. 

The company tapped BPI Capital Corporation, BDO Capital & Investment Corporation, China Bank Capital Corporation, Land Bank of the Philippines and Security Bank Capital Investment Corporation as joint lead underwriters, and joint book runners for the offer. BPI Capital Corporation, meanwhile, will serve as the sole issue manager.