January 22, 2007
Updated 10:16:11 (Mla time)
PROPERTY firm Filinvest Land Inc. has priced its 5.4 billion common shares follow-on offering at P1.60 per share.
Of the 5.4 billion common shares, Filinvest Land offered 3.7 billion new common shares and expects to raise gross proceeds of P5.92 billion while its unit, Filinvest Alabang Inc., offered a total of 1.7 billion common shares and expects proceeds of P2.72 billion.
In a statement, Filinvest Land said the offer price was a 5.8 percent discount from the volume-weighted average price of its shares on the stock exchange for the last 10 trading days ending on January 19 at 1.69 per share.
The company said a portion of the net proceeds from the offering would be used to finance its development projects this year.
The shares will be listed on the stock exchange on February 6.
($1= P48.89)
http://services.inquirer.net/express/07/01/22/html_output/xmlhtml/20070122-44813-xml.html
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