The Securities and Exchange Commission has given the go-ahead to property developer Arthaland Corp. for its preferred share offering that could raise as much as P3 billion.
Approved during the commission’s en banc meeting, the registration statement covers up to four million preferred shares, with an option to issue up to two million more if demand exceeds supply. These shares carry no voting rights and are non-convertible, non-participating, redeemable, and come with guaranteed dividend payments. They will be priced at P500 each.
If the additional shares are fully taken up, Arthaland expects to keep roughly P2.96 billion in proceeds after costs. Funds raised will go toward finishing a property project, covering part of the buyback of its existing Series D preferred shares, and supporting general business needs.
Subscriptions will run from September 14 to 18. The shares are set to be issued and listed on the Philippine Stock Exchange Main Board on September 25. BDO Capital and Investment Corp. will act as the sole manager, lead underwriter, and lead bookrunner for the transaction.
