PHINMA Corp. listed 50 million shares on the Philippine Stock Exchange on Wednesday, following a successful stock rights offering held from 13 to 19 November.
The offering raised P1 billion in fresh capital, which the investment holding company plans to use for expansion and investment initiatives aimed at serving underserved Filipino families and communities. The rights shares were priced at P20 each.
The company has outlined plans for the funds: P250 million will be allocated to establishing a PHINMA Hospitality TRYP by Wyndham hotel in Saludad, a 21-hectare mixed-use township in Bacolod City; P210 million will go toward developing a new facility for Union Insulated Panel Corp. in Pampanga, with an annual capacity of one million square meters; P200 million will be used for PHINMA Properties’ projects in Bacolod, Cebu, and Davao; P170 million will support 58 projects secured by PHINMA Solar Energy Corp. under the government’s energy auction; and P114 million will fund the construction of Philcement Corp.’s new manufacturing facility in Davao del Norte, with a capacity of 2 million metric tons annually.
“PHINMA shall continue to serve Filipino families and communities by providing essentials for a dignified life,” said PHINMA chairman and CEO Ramon del Rosario Jr., a former Philippine finance secretary.
Additionally, P239.6 million of the proceeds will be invested in socialized housing, food security, healthcare, and the green industry.
