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LBC withdraws P1.5-B share sale

Angelica Ballesteros

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LBC has done a U-turn with the registration of its 69.1 million common shares.

LBC Express Holdings Inc. has officially withdrawn its plan to conduct up to P1.5 billion worth of follow-on offer amid difficulties in complying with the necessary requirements.

In a letter to the Securities and Exchange Commission and disclosed to the stock exchange on Monday, LBC chief finance officer Enrique Rey said the company is withdrawing the registration of 69.1 million common shares — comprising of 59.1 million primary shares and 10 million secondary shares — at an indicative price range of P13 to P22 each.

During the first half of the year, LBC saw its net income plunge by 54.10 percent to P548.96 million from the P1.2 billion reported in the same period last year on the back of higher expenses which tempered its revenue growth.

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