MANILA, Philippines - The Philippine Stock exchange approved the P2.69 billion stock rights offering of Andrew Tan-led Empire East Land Holdings Inc.
The PSE says shareholders of the company will be entitled to purchase one right share for every 4 common shares owned offered at P1 per share.
The offer period will be from October 8 to 12.Shares will be listed with the PSE on November 29.
Last month, Empire East signed a joint venture agreement with the Okada group to build a P45 billion upscale residential complex in Pagcor City.
Megaworld Corp., controlling shareholder of the Empire East, has committed to subscribe to its entitlement shares and any unsubscribed rights shares that will not be taken up during the offer period.
Empire East has tapped BDO Capital and Investments Corp. to be the underwriter for the offering.