Aboitiz Equity Ventures Inc. (AEV), the public holding and management company of the Aboitiz Group of Companies, said it has raised P276 million from the sale of treasury shares to finance operations.
AEV sold 5.085 million treasury shares at P54.40 each, it said in a disclosure to the Philippine Stock Exchange.
The group operates businesses in power distribution, power generation and retail electricity supply (Aboitiz Power); financial services and portfolio investment (Union Bank); food manufacturing (Pilmico Foods); and real estate (Aboitiz Land).
The company has been selling treasury shares to raise funds to replenish its cash reserves, working capital and for general financing purposes, given an inventory of 50 million treasury shares for sale to investors.
It has now sold 21.79 million shares out of the 50 million treasury shares, and still has 28.205 million authorized treasury shares left for sale in several tranches, depending on the prevailing market prices.
The 21.79 million shares so far sold include the 16.709 million shares sold in two tranches in September last year, raising a total of P923.2 million.
In the first nine months of 2014, AEV’s net income dropped to P18.29 billion from P20 billion a year earlier, despite an increase in revenues to P82.41 billion from P52.97 billion a year ago.