Aboitiz Equity Ventures Inc. (AEV) will issue P10 billion worth of total retail bonds to help fund the company’s “planned investments” for the fourth quarter of the year.
According to the company’s disclosure to the Philippine Stock Exchange on Friday, the AEV board of directors approved the offering of P10-billion retail bonds will a duration from seven to 10 years.
“The proceeds of the bonds issuance will be used by AEV to finance its planned investments and for other general corporate purposes,” Aboitiz said.
The AEV board of directors and First Metro Investment Corp. (FMIC) met on Friday and agreed that the P10-billion bonds issued will be made available to the public by the fourth quarter of the year, and will be governed by provisions of the Securities Regulation Code.
Aboitiz tapped FMIC to serve as the main unit in managing the issuance of the P10-billion bonds.