8990 preferred shares set for listing Dec 1


MASS housing developer 8990 Holdings, Inc. is set to list its Series A preferred shares on December 1 in a bid to raise as much as P5 billion in fresh funds for its expansion projects across the country.

The preferred shares are cumulative, non-voting, non-participating, non-convertible, and redeemable with a base size of 50 million shares valued at P100 apiece.

The offer period started November 17 and will run until November 23.

The preferred share issue is the first tranche of its 100 million preferred shares shelf registration program with the Securities and Exchange Commission. The shelf registration is valid for three years.

“So far, we are extremely happy with the market’s response. Our goal for 2017 is to strengthen our balance sheet,” 8990 incoming president Willie Uy said.

“The P5 billion preferred shares issuance is part of our strategy to achieve this, allowing us to focus more on expanding our portfolio of mass housing projects across the country,” he added.

8990 has the option to redeem the preferred shares on the fifth anniversary of its listing date. Otherwise, a step-up rate will replace the current dividend rate on the fifth year of official listing, unless the preferred shares are redeemed by the firm.

China Bank Capital Corp. was tapped as the sole issue manager, lead underwriter and book runner for the initial tranche of preferred shares.

8990 is the leading mass property developer based on the Housing and Land Use Regulatory Board’s total number of units produced. So far, it has completed a total of 52 projects and is set to launch eight developments in 2017.


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