Phinma sets final price for SRO

MANILA, Philippines — Phinma Corp., the diversified conglomerate of the Del Rosario Group, is targeting to raise P1 billion for its stock rights offering (SRO) this month.

Phinma has informed the Securities and Exchange Commission and The Philippine Stock Exchange Inc. (PSE) of the final offer price as well as the number of shares to be offered by the company for the SRO.

The company will be offering a total of 50 million common shares at P20 apiece.

“The offer price was determined based on the volume-weighted average price of the issuer’s common shares traded on the PSE for each of the 90 consecutive trading days immediately prior to and excluding pricing date of Oct. 31, 2024, subject to a discount of 3.46 percent,” Phinma said.

An entitlement ratio of one rights share for every 5.73 existing common shares has also been set.

The offer period will run from Nov. 13 to 19, with the listing date eyed on Nov. 27.

Phinma will use proceeds from the SRO to support initiatives of its construction materials group, particularly Phinma Solar’s Green Energy Auction Program projects and Philcement’s modern cement manufacturing plant in Davao del Norte. 

The proceeds will likewise help boost Phinma Properties’ projects in emerging cities like Bacolod, Cebu, Iloilo and Davao as well as Phinma Hospitality’s new TRYP by Wyndham hotel in the group’s newly launched Bacolod township Saludad.

“Phinma is committed to investing in businesses that deliver both strong returns for our shareholders and tangible benefits to society. This stock rights offering will fuel our growth, strengthen our balance sheet and empower us to make an even greater impact on Filipino families and communities,” Phinma chief financial officer EJ Qua Hiansen earlier said.