Roxas Holdings, Inc. managed to secure the Philippine Stock Exchange, Inc.’s approval to kick off sales of new shares to investors. This sale is to help raise funds for expansion and debt settlement. “For a rights issue, it’s always at a discount because you already have the shares. Why will you buy it at a higher price?” said BDO Capital & Investment Corp. President Eduardo V. Francisco.
RHI plans to sell 265.97 million common shares. The shares will etitle existing shareholders to a rights share for every 4.33 common shares held. The ex-date is on April 29, and the offer period is set from May 12 to May 18. The shares’ listing will be on May 26.
