A Brown Co. Inc. said Monday its raised from the follow-on offering of preferred shares at total P1.44 billion, the largest capital-raising exercise of the listed company that holds investments in property development, agribusiness, utilities, and power generation.
A Brown issued 7.43 million series B and 6.94 million series C preferred shares. Series B carried a dividend rate of 8.25 percent series B and 8.75 percent for series C.
The company said proceeds from the fund-raising exercise will fund residential projects in Luzon and Mindanao, land banking initiatives, and general corporate expenses.
PNB Capital and Investment Corp. managed the preferred shares issuance.
