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ALLIANCE Global Group Inc., the listed company of
George Yang, on Wednesday obtained an approval from the local bourse
to list additional shares as proceeds will be used to finance
expansion.
The company disclosed it will
list additional 2.21 billion common shares with a par value of P1 a
share to cover its 1:1 preemptive rights offering to all
stockholders as of the proposed record date of February 15, 2007, at
an offer price of P1.50 a share.
The company expects net proceeds
of P3.267 billion from the offering.
“Proceeds shall be used
primarily to finance expansion and enhancement of the company’s
business,” Alliance Global said.
The company said the receiving
agent or financial adviser will hold in escrow the funds raised
until the rights offering has been fully subscribed and the
corresponding amount expected to be raised from the rights offering
has been duly received.
However, if the Securities and
Exchange Commission does not issue approval on the Global Alliance
application for increase in authorized capital stock before the
offer period, all funds raised from the rights offering must be
properly receipted and deposited in escrow in an independent banking
institution until such approval of the increase in capital is
obtained.
Earlier, Andrew Tan, Alliance
Global chairman, said McDonald’s will open 30 to 50 stores this
year the majority of which would be company-owned.
He said McDonald’s capital
expenditure for the year would be outside the P5-billion budget of
Alliance Global, noting that the second most popular fast-food chain
in the country has enough money to use for its own expansion.
--Darwin G. Amojelar
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