LISTED property developer Arthaland Corp. has reduced the base size of its planned Preferred Shares Series G and H offering, while extending the offer period and moving the listing date, following approval from the Securities and Exchange Commission (SEC).
In a disclosure to the stock exchange on Friday, Arthaland said the SEC en banc last Sept. 10 approved changes to the terms of its preferred share offering.
The company will now offer up to 3 million cumulative, nonvoting, nonparticipating, nonconvertible and redeemable peso-denominated preferred shares, down from the previously proposed 4 million shares.
The offering will still have an oversubscription option of up to 2 million preferred shares.
Arthaland also extended the offer period to Sept. 14 to 25 from the original Sept. 14 to 18 schedule.
The preferred shares are now set to be listed on the Philippine Stock Exchange on Oct. 2 instead of the earlier target date of Sept. 28.
The changes were requested by Arthaland in connection with the registration of its Series G and H preferred shares with the SEC.
The company did not provide the reason for changes in the offering size and schedule.
On Friday, Arthaland’s share price fell by 25 centavos to close at P0.440 each.
