P1-B SRO proceeds fuel Phinma expansion
‘This milestone allows PHINMA to continue making a positive impact by providing the essentials for a dignified life’
Phinma SRO raises P1B Phinma Corp. (PHN) listed 50 million from its stock rights offering shares on the Philippine Stock Exchange on 27 November 2024. The company raised P1 billion from the share sale. The SRO is PHN’s first fund raising in the stock market in close to three decades. At the bell ringing ceremony for the float are (from left) PHN CFO Edmund Alan Qua Hiansen, PHN Group Controller Regina Alvarez, PHN EVP Construction Materials Eduardo Sahagun, PHN chairperson and CEO Ramon del Rosario Jr., PHN chairperson Emeritus Oscar Hilado, Securities and Exchange Commission Commissioner McJill Bryant Fernandez, PSE president and CEO Ramon Monzon, PSE COO Atty. Roel Refran, PSE Issuer Regulation Division head Atty. Marigel Baniqued Garcia, PSE general counsel Veronica del Rosario, and PSE Capital Market Development Division head Mark Frederick Visda. (See page 10)
Photograph courtesy of Phinma Corp.
PHINMA Corp. has raised P1 billion through its stock rights offering (SRO), with the shares officially listed on the Philippine Stock Exchange (PSE) on Wednesday.
The funds will support the company’s investment and expansion initiatives aimed at serving underserved Filipino families and communities.
“This milestone allows PHINMA to continue making a positive impact by providing the essentials for a dignified life.
We look forward to your continued support as we pursue our business goals and commitment to making lives better,” said PHINMA Chairman and CEO Ramon R. del Rosario Jr., during the PSE bell-ringing ceremony.
The offering, priced at P20 per share for 50 million shares, ran from 13 to 19 November.
Stronger balance sheet
According to chief financial officer EJ A. Qua Hiansen, the company aims to “strengthen its balance sheet and maintain flexibility for strategic investments that will drive future success.”
Proceeds will fund several key projects, including PHINMA Hospitality’s TRYP by Wyndham Hotel in Bacolod City as part of a mixed-use township development, a new state-of-the-art facility for Union Insulated Panel Corp. in Pampanga, and PHINMA Properties’ residential projects in Bacolod, Cebu and Davao.
Investments will also support 58 solar energy projects secured by PHINMA Solar Energy Corp. under the government’s Green Energy Auction Program and the construction of Philcement Corp.’s modern cement manufacturing facility in Davao del Norte.
Additionally, P239.56 million will be allocated to socialized housing, food security, healthcare, the green industry, and general corporate purposes.