SEC approves P9.2B IMI, FLI fundraising

MANILA, Philippines - The Securities and Exchange Commission (SEC) has approved P9.2 billion worth of fundraising from two listed companies.

The SEC yesterday gave a thumbs up for Integrated Micro-Electronics Inc.s (IMIs) follow-on offering and Filinvest Land Inc.’s (FLI) bond issue.

In a regulatory filing, IMI said it has been given a pre-effective order by the SEC in relation to its public offering of 215 million common shares.

Following the approval by the SEC, the company and BPI Capital Corp agreed to price the offer at P 7.50 per share, lower than the initial offer price of P10 each.

BPI Capital Corp. has been tapped as the issue manager, bookrunner and lead underwriter of the offer, with Investment & Capital Corp. of the Philippines and SB Capital serving as participating underwriters.

“The transaction is to raise P1.6 billion for the company and up to P2.2 billion, should the oversubscription option of an additional 85 million common shares be exercised,” IMI said.

IMI said the offer period is scheduled from Nov. 24 to 28, with the offer shares to be listed on the Philippine Stock Exchange on Dec. 5.

“The proceeds of the offer will be used primarily for working capital purposes, capital expenditure and business expansion, as well as to refinance debt,” the electronics manufacturing services unit of the Ayala conglomerate.

Meanwhile, SEC also  gave its nod to FLI’s issuance of up to P7 billion worth of seven and 10-year bonds.

The property firm’s issuance would be composed of P5 billion in principal amount and an over-allotment of P2 billion.

The bonds, which would be listed at the Philippine Dealing and Exchange Corp., has obtained the highest rating from local credit watcher Philippine Rating Services Corp.

Owned by the Gotianun family, FLI is one of the leading property developers in the country. It has positioned itself solidly in the affordable and middle-income housing segments and is one of the largest mid-rise buildings developers in the Philippines.