THE Securities and Exchange Commission (SEC) has considered favorably the commercial papers of Alsons Consolidated Resources, Inc. valued at P3 billion, the firm told the local bourse in a disclosure on Tuesday.
The securities will be offered in one or more tranches within three years starting on June 25.
“The first tranche shall be comprised of a base principal amount of P2 billion to be issued and offered for sale to the public,” the SEC said in its order of registration, a copy of which was shared by Alsons.
The first tranche is composed of 182-day “Series O” securities with a discount of 3.25% per annum, and 364-day “Series P” papers with a discount of 3.75%. The securities account for a portion of Alsons’ P3-billion commercial paper program, according to the corporate regulator’s permit to sell.
“As such, these… may now be offered for sale or sold to the public subject to full compliance with the provisions of the (Securities Regulation) Code and its implementing rules and regulations, as amended, revised code of corporate governance and other applicable laws and orders as may be issued by the Commission,” the SEC said.
Last year, the Alcantara-led firm said it would issue short-term commercial papers in 2021.
Alsons is engaged in both power production and real estate. It operates four power plants in Mindanao with a total capacity of 468 megawatts.
Alsons’ attributable net income in the first quarter climbed by around 63% to P92.88 million from P55.08 million a year ago as the economy slowly reopened.
Shares in Alsons at the local bourse shed 0.74% or one centavo to finish at P1.34 apiece on Tuesday. — Angelica Y. Yang
