Phinma raises P1 billion from SRO

MANILA, Philippines — Phinma Corp., the diversified conglomerate of the Del Rosario Group, will pursue with its expansion initiatives after raising P1 billion from its successful stock rights offering.

Phinma offered a total of 50 million common shares at a price of P20 apiece from Nov. 13 to 19.

The amount raised will support the company’s investment and expansion opportunities directly catering to underserved families and communities.

“Phinma shall continue to serve Filipino families and communities by providing the essentials to a dignified life through the unified efforts of our businesses and investments in industries enabling us to make an even bigger impact on our society and country,” Phinma chairman and chief executive officer Ramon del Rosario said.

Of the proceeds, Phinma will allocate P250 million for the establishment of Phinma Hospitality’s TRYP by Wyndham hotel in Saludad, the group’s first-ever mixed-use master-planned 21-hectare township in Bacolod City.

Phinma will use P210 million for the development of Union Insulated Panel Corp.’s new state-of-the-art facility in Pampanga with a yearly capacity of one million square meters.

Further, P200 million is being earmarked for projects of Phinma Properties in emerging cities outside Metro Manila such as Bacolod, Cebu and Davao.

The company is also looking to spend P170 million for the 58 projects secured by Phinma Solar Energy Corp. in the government’s Green Energy Auction Program and another P114 million for the construction of Philcement Corp.’s modern cement manufacturing facility in Davao del Norte that can produce two million metric tons annually.

Lastly, P239.56 million will be utilized by the company for investments in areas of socialized housing, food security, healthcare and the green industry, along with general corporate purposes.

“Phinma is committed to delivering strong results for our stakeholders. Thanks to the continued support of our shareholders, we are proactively strengthening our balance sheet while maintaining the flexibility to make strategic investments that will fuel our future success,” Phinma chief financial officer EJ Qua Hiansen said.