A Brown Co. Inc. on Wednesday secured the green light from the Securities and Exchange Commission for the sale of 15 million preferred shares.
These are cumulative, non-voting, non-participating, non-convertible, peso-denominated, redeemable, perpetual preferred shares issued out of the 50 million registered with the SEC.
Representing the second tranche of a share offering totaling P1.5 billion, the proceeds will fund the development of pipeline residential projects in Luzon and Mindanao, its land banking initiatives and other purposes.
The shares, issued in two series, are targeted for listing at the Philippine Stock Exchange within the month.
A Brown assigned PNB Capital and Investment Corp. as sole issue manager, lead underwriter and sole bookrunner for this transaction.
“Among our high-priority developments are Coral Bay Suites and Alexandrite Columns, both of which are condominiums with resort amenities and scenic views,” A Brown president and CEO Robertino E. Pizarro said.
The projects mark A Brown’s first ventures into vertical development.
Its first sold preferred shares in 2021 that attracted a total of P1.33 billion.
The company’s land banking also widened to 552 hectares from 293 hectares.
Its E-Beam and Cold Storage Facility in Tanay, Rizal, funded in part by the proceeds from the 2021 offering, is 90 percent complete and will contribute significantly to earnings starting this year.
