Mindanao-based real estate developer A Brown Company, Inc. looks to launch the second tranche of its preferred share offering worth of up to P1.5 billion.
Proceeds will be used to develop a pipeline of residential projects.
The series of issues is targeted for listing at the Philippine Stock Exchange in January next year and has filed an updated registration statement with the Securities and Exchange Commission.
“Among our high-priority developments are Coral Bay Suites and Alexandrite Columns, both of which are condominiums with resort amenities and scenic views,” said A Brown president and CEO Robertino E. Pizarro of the projects marking A Brown’s first venture into vertical development.
The proposed offering consists of up to 10 million preferred shares at P100 per share with oversubscription option of up to 5 million shares coming from A Brown’s shelf registration of 50 million shares.
A Brown has assigned PNB Capital and Investment Corp. as sole issue manager, lead underwriter and sole bookrunner.
A Brown’s first preferred share offering was in 2021 when it raised P1.33 billion.
Its land banking activities also increased to 552 hectares from 293 hectares.
A Brown’s E-Beam and Cold Storage Facility in Tanay Rizal, funded in part by proceeds from the 2021 offering, is now 90 percent complete and will contribute to earnings starting in 2024.
A Brown Company, Inc. is marketed as a premier real estate company with mixed-use, nature-themed developments in Mindanao and Luzon.
