Arthaland Corp. has filed for the registration of six million Series D preferred shares to raise up to P3 billion at most, which will be used to redeem Series B preferred shares and to fund the development of some of its projects.
The offer is comprised of four million preferred shares for the primary offer for P500 each, and an overallotment option of up to two-million preferred shares.
“The net proceeds of the offer will be used to redeem the Series B preferred shares,” the company said in its preliminary prospectus.
“In case the oversubscription option is exercised, [it will be used] to fund additional investments in SLDC (Savya Land Development Corp.) and CLLC (Cebu Lavana Land Corp.) to allow [Arthaland] to retain office and retail units that will allow it to increase its recurring income,” it added.
On Sept. 6, the company’s board of directors approved the public offering of up to six million Series D preferred shares. Arthaland said it filed for the registration of the shares with the Securities and Exchange Commission.
Arthaland has assigned BDO Capital & Investment Corp. as the sole issue manager, lead underwriter, and bookrunner for the transaction.
On Tuesday, shares of Arthaland at the stock market closed unchanged at 66 centavos apiece. — Keren Concepcion G. Valmonte