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Empire East stock rights offer approved

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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