[ Malaya.com.ph ] September 22, 2010
Listed real estate developer SM Development Corporation (SMDC) is expecting to raise P11.7 billion through stock rights offering.
"The offer price is P6.38 per share on the basis of one rights share for every three existing shares held on record as of October 6," SMDC said in a statement to the Philippine Stock Exchange (PSE).
"The offer price of P6.38 represents a discount of 18.19 percent to the 15-day volume-weighted average price of SMDC shares between August 26 to September 17," SMDC added.
The right’s price however was 11.34 percent higher compared to the P5.45 to P5.73 offer price being considered before.
SMDC earlier said it will use the proceeds for the company’s landbanking and project development.
SMDC shares closed at P9 per share yesterday.
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