Gotianun-led Filinvest Development Corp. (FDC) plans to raise up to P8 billion ($136 million) through the issuance of preferred shares.
FDC said Wednesday in a disclosure to the stock exchange that its board approved the offer of up to 6 million Series A and Series B preferred shares, valued at P6 billion. The company also has an oversubscription option of up to 2 million additional preferred shares, worth another P2 billion.
The preferred shares will be offered at P1,000 apiece.
The offer period is scheduled from July 21 to July 25, 2025, pending regulatory approvals. The shares are expected to be listed on the Philippine Stock Exchange on Aug. 4, 2025.
FDC said it will use proceeds from this fundraising activity to refinance existing debt, fund capital expenditures and for general corporate purposes.
Series A shares will be non-redeemable for two years, while Series B shares will be non-redeemable for five years. Both Series A and B shares will be non-voting, non-convertible and redeemable. Dividends will be fixed, based on reference rates plus a set spread.
BPI Capital is the sole issue manager. It will also serve as a joint lead underwriter alongside BDO Capital, Chinabank Capital, Land Bank of the Philippines and Security Bank Capital.
The offer is open to Philippine residents, both individuals and institutions, with a minimum purchase of 50 shares or P50,000. Additional investments must be in multiples of 10 shares.
FDC’s first-quarter 2024 attributable net income increased by 36 percent year-on-year to P2.9 billion, driven by strong performances in its banking, power and property sectors. Total revenues and other income rose by 28 percent to P26.4 billion, while costs and expenses grew 25 percent.
The banking and financial services segment contributed 36 percent to the bottom line, while the power and property sectors accounted for 29 percent and 21 percent, respectively.
FDC has earmarked P24 billion in capital expenditures for 2025 to fund the expansion plans of its core businesses.
