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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