MONEY - BREAKING NEWS
January 09, 2007
Updated 11:17:29 (Mla time)
FILINVEST Land Inc. was higher after the company announced an annual cash dividend policy of 20 percent of its consolidated net profit in the preceding year and a follow-on offering of up to 5.4 billion shares to Filipino and foreign investors, dealers said.
In the middle of the session, Filinvest Land was P0.16 or 9.41 percent higher at 1.86, on volume of 30 million shares worth P54.6 million.
Ron Rodrigo, an analyst with Unicapital Securities Inc., said: "There is keen interest in the follow-on stock offering. The proceeds could bolster the company's earnings and, in the process, they will have more capital to pursue their development projects."
Filinvest Land kicked off on Monday a road show to drum up interest in the offering.
The company is offering 3.7 billion new common shares, while 1.7 billion secondary shares will be sold by an affiliate, Filinvest Alabang Inc.
Filinvest Land is offering up to 95 percent or 5.13 billion shares to international investors, and rest will be sold to players in the stock market here.
The offer price will be announced on Jan. 22.
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