GT Capital to offer P12-B preferred shares

0

GT Capital Holdings Inc., the holding firm of the Ty family, said on Friday that its Board of Directors has approved a plan to raise up to P12 billion from a public offering of preferred shares.

Advertisements

In a disclosure to the Philippine Stock Exchange (PSE), GT Capital said the offering will consist of 8 million series “A” and “B” shares, with an oversubscription of 4 million shares, at an offer price of P1,000 apiece.

“The shares are cumulative, non-voting, non-participating, non-convertible and peso-denominated,” the company told the local bourse.

GT Capital said its board has also authorized the filing of the appropriate registration statement and prospectus with the PSE for the said transaction.

In the order of preference, preferred shares are prioritized in the distribution of a company’s dividends. However, a preferred shareholder, as a general rule, can neither interfere with nor participate in the corporation’s business dealings because such shares do not usually carry voting rights.

GT Capital recently sold a substantial stake in its power unit Global Business Power Corp., which owns power generation assets in the Visayas and parts of Luzon, to infrastructure conglomerate Metro Pacific Investments Corp. (MPIC).

In turn, the Ty-controlled firm would acquire a minority stake in MPIC, which has various infrastructure assets in the country.

Last month, GT Capital said it is setting aside P56.72 billion for its capital expenditures this year, 15 percent higher than last year’s actual spending of between P48 billion and P49 billion.

Share.
loading...
Loading...

Please follow our commenting guidelines.

Comments are closed.