Posted on September 03, 2012 10:36:22
PM [ BusinessWorld Online ]
REAL ESTATE developer Empire East Land
Holdings, Inc. has secured bourse approval to proceed with its stock rights
offering to shareholders in October, in a bid to raise funds for capital
spending, the company said in a disclosure to the Philippine Stock Exchange
(PSE) yesterday.
“The PSE has approved the application
of Empire East to list additional 2,695,239,834 common shares, with a par value
of P1.00 per share, to cover its 1:4 stock rights offering to all stockholders
on record as of Sept. 14, with an offer price of P1.00 per share,” the
disclosure read.
Last June, Empire East shareholders
approved the offer wherein the company will offer one new share for every four
shares held by existing shareholders, according to reports published in June.
Proceeds from the exercise, expected
to raise approximately P2.7 billion, will be used to partially finance Empire
East’s estimated P3-billion capital spending this year, including land banking
and project development. The offer will run from Oct. 8 to 12, with tentative
listing date of new shares on Nov. 29, the disclosure added.
Empire East shares rose 2.41% to 85
centavos yesterday.
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