8990 Holdings, Inc. is planning to conduct a follow-on offering (FOO) through the sale of shares owned by its existing shareholders, TPG Rafter Holdings, Ltd., Pasir Salak Investments Ltd., and IHoldings, Inc.
“The offer will be registered with the SEC and the offer shares will be crossed through the facilities of the PSE (Philippine Stock Exchange),” 8990 Holdings said in a disclosure on Monday.
The listed mass housing developer said its board of directors gave the go signal on plans to sell up to 1.25 billion outstanding common shares owned by the three shareholders, along with an overallotment option of up to 150 million common shares.
8990 Holdings also plans to issue IHoldings new common shares from the listed company’s unissued capital stock equivalent to the shares IHoldings will sell for the FOO.
The company assured that shares issued to IHoldings will not go over 10% of 8990 Holdings’ resulting total issued and outstanding capital stock.
8990 Holdings may issue up to 450 million new common shares, assuming the overallotment option is exercised, in favor of IHoldings for the same price as its FOO shares. These shares will also be listed on the PSE.
“There is no expected decrease in the public float of the Company as a result of the foregoing transactions,” 8990 Holdings said.
“The company shall make additional disclosures in due course,” it added.
Shares of 8990 Holdings at the stock exchange declined 2.56% or 30 centavos to P11.40 each. — Keren Concepcion G. Valmonte