A Brown Company prefs follow-on offering approved by the PSE

The A Brown Company [BRN 0.66, up 3.1%] [link] preferred shares follow-on offering was approved by the PSE. The offer period is scheduled for February 12 through February 16, with a listing on February 23. The deal size is up to 15 million preferred shares (10 million base offer, with 5 million oversubscription) split into a Series B (BRNPB) and Series C (BRNPC).

MB bottom-line: We should hear sometime today about the dividend rate applicable to each series. BRN is looking to use P1 billion of the P1.5 billion that this sale should raise to develop its pipeline projects. 

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