MONEY - BREAKING NEWS
January 08, 2007
Updated 11:39:30 (Mla time)
FILINVEST Land Inc.'s board has approved an annual cash dividend payment policy of 20 percent of its consolidated net profit in the preceding fiscal year, the company said.
The property developer made the announcement as it kicks off Monday an international roadshow for its public offer of up to 5.4 billion common shares, 3.7 billion of which are new shares.
Up to 5.13 billion shares will be offered to international investors, while up to 270 million shares will be offered to investors here. The offer price will be announced on Jan. 22.
Meanwhile, Filinvest Land said Government of Singapore Investment Corp. Pte. Ltd. (GIC) will no longer participate in its public offer as a selling shareholder.
GIC had previously intended to sell up to 1.928 billion shares in Filinvest Land.
No explanation was provided for GIC's decision.
At 11.04 am here, Filinvest Land was down 0.04 peso or 2.33 percent at 1.68, on volume of 13.2 million shares.
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