PROPERTY developer Arthaland Corp. is planning to raise up to P3 billion through a public offering of preferred shares, the company disclosed on Wednesday.
Arthaland’s board approved the issuance of up to 6 million peso-denominated preferred shares, consisting of a base offer of up to 4 million shares and an oversubscription option of up to 2 million.
The shares, to be issued as Series G and Series H preferred shares, will be offered at P500 each.
Based on the offer price, Arthaland could raise up to P2 billion from the base offering and as much as P3 billion if the oversubscription option is fully exercised.
The company said the preferred shares would be cumulative, non-voting, non-participating, non-convertible and redeemable.
It added that further details of the offering, including the dividend rates, offer period and use of proceeds, would be disclosed in the prospectus to be filed later.
The shares will be issued from Arthaland’s unissued capital stock.
The company’s shares last closed at P0.445 each on Tuesday.
