Keepers raises P4.5 billion from follow-on offer

MANILA, Philippines — The Keepers Holdings Inc.  of tycoon Lucio Co raised P4.5 billion from a follow-on offering of shares.

The company sold three billion common shares at P1.50 per share.

“We are overwhelmed by the warm reception the FOO received, especially the very strong participation from the retail investors,” said The Keepers president Jose Paulino Santamarina.

The maximum allowable subscription amount for the local small investors (LSIs) was increased to P1 million from P100,000, in view of the size of the offer and to allow interested LSIs to derive optimum value via the increased threshold.

“We believe that this has been critical to the success of The Keepers’ FOO, in addition of course with the strong support from local institutional investors,” said Santamarina.

LSIs in 66 provinces and 22 countries subscribed to the FOO via PSE EASy, the Philippine Stock Exchange (PSE) said.

Santamarina said the stock had  attracted interest particularly on its growth potential as it transitioned from a shell company with no operations to a holding company with three highly profitable operating subsidiaries.

The company’s brands are Montosco Inc., Meritus Prime Distributions Inc. and Premier Wine and Spirits Inc.

Proceeds from the FOO will finance strategic acquisition opportunities, expansion of product portfolio and distribution channels, investments in distribution and logistics network, and working capital.

The company tapped China Bank Capital Corp., PNB Capital and Investment Corp., and SB Capital Investment Corp. as the joint issue managers, joint lead underwriters and joint bookrunners for the FOO.