THE Securities and Exchange Commission (SEC) has approved Arthaland Corp.'s plan to offer preferred shares worth up to P3 billion.
On Wednesday, the SEC said the commission en banc had resolved to render effective Arthaland’s registration statement covering up to 4 million preferred shares, with an oversubscription option of up to 2 million shares.
The approval is subject to Arthaland’s compliance with certain remaining requirements, the regulator added.
The preferred shares will be offered at P500 apiece and will be cumulative, non-voting, non-participating, non-convertible and redeemable.
Arthaland expects to raise net proceeds of about P2.96 billion if the oversubscription option is fully exercised.
The company plans to use the proceeds to complete a property project, partially fund the redemption of its outstanding Series D preferred shares and for general corporate purposes.
The offering is scheduled to run from Sept. 14 to 18 based on the latest timeline submitted to the SEC.
The preferred shares are expected to be issued and listed on the main board of the Philippine Stock Exchange on Sept. 25.
BDO Capital & Investment Corp. will serve as sole issue manager, lead underwriter and lead bookrunner for the offering.
Arthaland’s share price rose by 65 centavos to close at P0.49 apiece on Wednesday.
