LISTED holdings firm Synergy Grid & Development Phils., Inc. said on Wednesday that its management had greenlit a follow-on offering of up to P1.09 billion, subject to clearance from the corporate regulator and the stock exchange.

“The board approved the conduct of a follow-on offering of up to 1,087,634,000 common shares with a par value of P1 per share,” Synergy Grid told the local bourse in a regulatory filing.

The firm said that the offer is contingent on the registration requirements of the Securities and Exchange Commission and listing qualifications of the Philippine Stock Exchange.

Synergy Grid said the offer also hinges on the approval of its capital stock hike to P5.30 billion, from the previous P5.05 billion.

Last week, the company’s board of directors approved to raise its capital stock so Synergy Grid can conduct a follow-on offering in line with achieving the firm’s target public float of 20%.

The Sy-led firm’s first-quarter attributable net income to its parent stood at P79,476, higher by 18% than the comparative year-on-year figure as the economy started to show signs of recovery.

Last year, Synergy Grid reported a net loss of P1.99 million, swinging from its P1.95-million income in 2019, after incurring losses from operations amid the pandemic. — Angelica Y. Yang