Aboitiz Equity to raise P2.8B via treasury shares issue

Aboitiz Equity Ventures Inc. (AEV) is set to sell 50 million treasury shares to raise P2.8 billion, according to the company’s disclosure documents. The estimated amount is based on the firm’s last stock price of P56 apiece.

“Proceeds of the sale will be used to build up the company’s cash reserves, working capital, and for other general corporate purposes,” AEV said.