8990 plans perpetual preferred share offering

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

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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.

A perpetual preferred share is a type of preferred stock that has no maturity date. Such stock entitles an investor to receive dividends for as long as the listed and issuing company is in business.

“The enabling resolutions for the offer will be disclosed after the same has been approved by the Securities and Exchange Commission,” the company said in a filing to the Philippine Stock Exchange.

“The dividend rate for the offer will be subject to confirmation of the Board of Directors once the same has been determined in accordance with the terms of the offer,” it added.

8990 is a real estate firm engaged in the development of low-cost mass housing and mid-income housing units.

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