|
MAKATI Finance Corp. (MFC), which is listed in the
local bourse’s small and medium enterprise board, will sell
additional shares to the public to qualify for listing in the second
board, expand its loan portfolio and investments, and prepay debt.
Documents from the Securities and
Exchange Commission showed that MFC plans to sell 75.5 million new
common shares and 7.6 million secondary shares held by MF Pikeville
Holdings Inc. and Michael Wee Son Lock. The shares on offer would be
priced between P1.46 and P2 each, and represent 31.4 percent of the
company’s total shares outstanding.
Gross proceeds are expected to
reach P166.2 million, bringing the company’s capitalization to
P528.6 million, and allowing it to “graduate to the Second
Board” of the Philippine Stock Exchange. Under the rules, a
company’s market capitalization must be at least P250 million to
qualify for the second board.
A maximum of P78.3 million of the
proceeds would be used to finance growth of the Rx Cashline, MFC
Factors and MC Financing products.
--Likha C. Cuevas-Miel
|
