Espiritu firm sets P93-M rights offer

Ebecom Holdings Inc., the investment holding company controlled by the group of former Finance Secretary Edgardo Espiritu, will undertake a rights offering to its stockholders to raise about P93.2 million mainly for the payment of its debts.

The Philippine Stock Exchange (PSE) has approved the company’s stock rights offer involving the issuance of an additional 97.5 million common shares, to be offered at the ratio of 11 rights shares for every one common share held (11:1) at a price of P1 each.

The offer price represents a substantial discount from the present market of P3.60 per Ebecom share at the stock market. All stockholders of record date as of Sept. 18 will be entitled to avail themselves of the rights offer, which will run from Oct. 7 to 11, 2002.

The company said the additional shares from the pre-emptive rights offer will come from the proposed increase of its authorized capital from P10 million to P400 million.

Ebecom said the capital boost is intended to accommodate the infusion of additional investments into the company from its existing stockholders and new investors to help in pursuing property projects and other business leads. One of its projects is a joint venture property development in Cavite with Sta. Lucia Realty.

The PSE said, however, that Ebecom should provide an update of the cases filed against its directors and officers to include a report on when the cases were filed and the action of the regulatory or reviewing body, and the status of each case.