LISTED agribusiness firm Calata Corp. said on Friday that its board of directors has approved the issuance of 42.3 million common shares worth P101.6 million to brokerage firm Jaka Securities Corp.
In a disclosure to the stock exchange, Calata said its board of directors approved the issuance of shares to Jaka Securities in a meeting on Wednesday, January 11.
It said Jaka Securities will subscribe to a total of 42.334 million Calata shares at a price of P2.40 each.
Established in October 1996, Jaka Securities is a stock brokerage that caters to both retail and institutional investors and is a subsidiary of conglomerate Jaka Investments Corporation.
Calata is an agribusiness firm diversifying into the casino sector. Last year, it partnered with Sino-America Gaming Investment Group LLC and Macau Resources Group Ltd. to build the P65-billion Mactan Leisure City, a 14-hectare planned integrated casino, resorts and hotel complex to be located in Lapu-Lapu City, Mactan Island. The casino project is expected to be completed by mid-2020.