LISTED mass housing developer 8990 Holdings, Inc. is planning to raise up to P5 billion from the issuance of perpetual preferred shares.

8990 said its Board of Directors ratified on Thursday the company’s plan to issue 50 million unissued non-voting, non-convertible, non-participating, redeemable, perpetual preferred shares with a par value of P1 per share, at an offer price of P100 apiece.

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