A Brown targets P1.5 billion from preferred share sale
MANILA, Philippines — A Brown Co. Inc. is targeting to raise up to P1.5 billion from the sale of preferred shares.
Proceeds will be used for A Brown’s capital expenditures, particularly the development of pipeline residential projects in Mindanao and Luzon.
A portion of the funds to be raised would also be used for land banking.
Priority projects would be residential condominiums, which mark the company’s foray into vertical development, said A Brown president and CEO Robertino Pizarro.
“Among our high-priority developments are Coral Bay Suites and Alexandrite Columns, both of which are condominiums with resort amenities and scenic views,” Pizarro said.
The aforementioned projects mark A Brown’s first venture into vertical development.
The share sale would be offered in up to two series: Series B and C, targeted to be listed at the Philippine Stock Exchange this month.
Each series will be available for purchase at the price of P100 per share for up to 10 million shares, with an oversubscription option of up to five million preferred shares, which will come from A Brown’s shelf registration of 50 million preferred shares.
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