Listed company Steniel Manufacturing Corp. is looking to raise as much as P315.3 million through a follow-on offer of up to 157.6 million shares.
Steniel shareholders, a manufacturer of paper products, paper board and corrugated carton containers, will offer to the public shares priced between P1.80 and P2.00. This is within the trading range of P0.70 and P2.10 apiece since it resumed trading in April this year.
The PSE suspended trading on Steniel shares in July 2006 due to liquidity issues after the company defaulted on a P636 million loan.
Steniel said the follow-on offer is subject to the approval of the Securities and Exchange Commission and the Philippine Stock Exchange.
The shares offered account for 11 percent of Steniel’s total stocks.
