FDC gets SEC nod for P8-B preferred share sale

GOTIANUN-LED Filinvest Development Corp. (FDC) has secured approval from the Securities and Exchange Commission (SEC) for its planned P8-billion preferred share offering.

On July 8, the commission en banc favorably considered FDC’s registration statement and issued the corresponding pre-effective approval for the offer, the conglomerate said in a regulatory filing on Wednesday.

“Nonetheless, the offer remains subject to further approval by the Philippine Stock Exchange (PSE) and the SEC,” FDC said.

FDC aims to issue up to 8 million preferred shares priced at P1,000 per share.

The offer will include a base tranche of up to 6 million preferred shares and an oversubscription option of up to 2 million preferred shares.

The shares will be offered in up to two series.

The offer period will run from July 21 to July 25, with the listing on the PSE scheduled for Aug. 4.

FDC will use the proceeds to refinance existing obligations and support growth initiatives aligned with its long-term investment strategy.

The conglomerate tapped BPI Capital Corp. as the sole issue manager. BPI Capital, along with BDO Capital & Investment Corp., China Bank Capital Corp., Land Bank of the Philippines, and Security Bank Capital Investment Corp., will serve as joint lead underwriters and bookrunners.

FDC shares were last traded on July 8, closing unchanged at P4.89 per share. — Revin Mikhael D. Ochave