THE Philippine Stock Exchange (PSE) has approved EEI Corp.’s application for its P6-billion follow-on offering.

“The exchange approved the application of EEI Corp. for the listing of up to 60,000,000 preferred shares, subject of the follow-on public offering of the company, at an offer price of P100.00 per offer share,” the PSE said in a list-ing notice on Thursday.

EEI’s offering comprises 40 million preferred shares, with an oversubscription option of up to 20 million preferred shares. The company plans to issue the shares as Series A preferred shares and/or Series B preferred shares.

Net proceeds from the offer will be used to partially fund EEI’s future projects, to pay for its existing short-term loans, as budget for new equipment, and for general and working capital requirements.

EEI aims to conduct its offer period from Dec. 9 to 15, while the listing of preferred shares is slated for Dec. 23. Shares will be listed under ticker symbols “EEIPA” and “EEIPB.”

“The exchange’s approval of the listing of the EEIPA and EEIPB shares is subject to the Company’s compliance with all of the conditions and post-approval requirements of the exchange,” the PSE said.

The company tapped RCBC Capital Corp. as the sole issue manager of the offer and it will be joined by SB Capital Corp. as joint lead underwriters and bookrunners.

Listed EEI shares on Thursday closed unchanged at P6.40 apiece. — Keren Concepcion G. Valmonte