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Property management company sets fund-raising exercise

Posted on August 14, 2013 10:43:54 PM [ BusinessWorld Online ]
SUNTRUST Home Developers, Inc. plans a stock rights offering to bankroll “various investment opportunities,” the company said in a disclosure yesterday.
“The directors of Suntrust Home Developers approved a preemptive rights offer to holders of its common shares which will entitle them to subscribe to 2.5 new shares for every common share held as of record date, to be set by the company after approval by the Philippine Stock Exchange of the listing of the rights shares,” the company said.
“Proceeds of the rights offer will be used to fund various investment opportunities.”
Company officials were not immediately available for details.
The shares will be issued from a P20-billion increase in the company’s authorized capital consisting of 20 billion common shares each with a par value one peso. “The rights shares will be offered at the price of P1 per share, equivalent to the par value of the company’s common shares; 25% of the subscription price shall be payable upon submission of the application for subscription and the balance of 75% shall be payable upon call by the board of directors to be made not later than three years from approval by stockholders of the increase in capital stock.”
The company booked a net profit of P17.68 million last quarter, up more than fourfold from the P4.07 million recorded in the same three months last year.
Shares of the property management company surged by 28 centavos or 49.12% to close 85 centavos apiece yesterday from 57 centavos each last Tuesday. -- CHCV    

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