LBC Express Holdings Inc. is registering a P1.17-billion follow-on offering with the Securities and Exchange Commission (SEC), involving 69.101 million shares, plus a further 10 million in case of an oversubscription.
The shares are priced at P17 per share, the company said in a disclosure to the Philippine Stock Exchange (PSE) on Friday.
The share sale will conclude the company’s backdoor listing on the PSE.
Philippine Commercial Capital Inc. was hired as sole underwriter for the follow-on offering.
The 69.101-million offer shares would give LBC a 10-percent public float.
The proceeds from the P1.17-billion share sale would be spent on branch expansions domestically and in the Middle East, and grow the logistics business and while investing in import-export and IT infrastructure systems.
For next year, the company is earmarking P300 million to P400 million for capital spending mainly to fund up to 70 to 80 new branches.
In the nine months to September, LBC posted P895 million in net income from P571 million a year earlier. Its revenue grew by 11 percent at P6.4 billion from P5.7 billion.
LBC is engaged in the logistics business and money transfer services. It serves retail and corporate customers in logistics, and domestic and international transactions for money transfers.
The company has branches in North America, the Middle East, Asia Pacific, Europe and Oceania.