The Securities and Exchange Commission on Thursday approved three major fund-raising activities by major corporations GT Capital Holdings Inc., San Miguel Brewery Inc. and East West Bank worth more than P50 billion.
The SEC approved in a meeting Thursday an initial public offering by GT Capital and East West Bank and a retail bond issue by SMB, SEC Commissioner Juanita Cueto and Secretary Gerard Lukban said.
Based on the registration statement filed by these companies, GT Capital is raising as much as P24.6 billion by April. The stock offering by the holding company of taipan George Ty seeks to take advantage of the strong interest in conglomerates as a proxy to the buoyant domestic economy.
GT Capital’s stock offering, which seeks to take advantage of the strong interest in conglomerates as a proxy to the buoyant domestic economy, will consist of up to 41.22 million shares and an over-allotment option of 6.18 million shares. The shares will be offered at a maximum price of P520 each, suggesting a P21.43-billion equity deal that can increase to P24.6 billion if the over-allotment option is exercised. This equity exercise can bring to public hands as much as 30 percent of its outstanding stock.—Doris C. Dumlao