MANILA – Lopez-owned First Philippine Holdings Corp. (FPH) on Tuesday said its plans to issue preferred shares have been approved by its board.
The preferred shares will be issued through private placement and/or the issuance of up to P7 billion in fixed corporate notes to finance potential investments and acquisitions.
The firm said the preferred shares will be listed with the Philippine Stock Exchange within the next six months, with terms and conditions still subject to agreement and acceptance by the parties.
The “non-voting, non-participating and non-convertible” preferred shares can be issued in one or more tranches.
BDO Capital and Investment Corp. has been tapped as the sole arranger for the transaction.
FPH is engaged in businesses in power generation, real estate developments, manufacturing and construction.