October 27, 2006
Updated 14:23:33 (Mla time)
FILINVEST Land Inc. said its board had approved the sale of up to 3.7 billion common shares to raise funds.
"The company is currently evaluating its options regarding any potential fundraising activity, including if and when to conduct any such fundraising," the property developer told the stock exchange.
It has mandated UBS AG to act as financial adviser, sole global coordinator and bookrunner.
Filinvest Land said the offer price would be determined based on a maximum discount of 10 percent on the volume weighted average trading price of its shares for "a certain number of days" prior to the pricing date.
At 11:41 am, Filinvest Land was up P0.04 or 2.27 percent at P1.80 on volume of 15.9 million shares.
($1= P49.80)
http://services.inq7.net/express/06/10/28/html_output/xmlhtml/20061027-29069-xml.html
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