The Philippine Stock Exchange granted approval to property developer and diversified A Brown Company Inc. for its planned P1.5-billion preferred shares offer.
Following the approval, ABCI is authorized to offer 10 million preferred shares, comprising Series B and C, each priced at P100 per share. An oversubscription option for an additional 5 million preferred shares has also been granted.
The proceeds from this fundraising initiative will be dedicated to the development of ABCI’s residential projects in Mindanao and Luzon, land banking efforts, and other general corporate purposes.
CEO Robert Pizarro expressed confidence in the approval, emphasizing its importance for future endeavors. “We are delighted to have received the PSE’s approval for our preferred shares offering,” he stated. “This marks an important milestone for ABCI as we continue to pursue our vision of creating sustainable and thriving communities.”
Offer Period is scheduled for February 12 to February 16 and the listing date on February 23.
PNB Capital and Investment Corp. is the sole issue manager, lead underwriter, and sole bookrunner for ABCI’s preferred shares offering. The oversubscribed offering in 2021 successfully raised a total of P1.33 billion.
ABCI has reported stable revenue and income growth, reporting record revenues of Php 1.1 B and net income of Php 484 million and for the first nine month period of 2023. The completion of the Tanay Electron Beam and cold storage facility, funded through the maiden offering in 2021, is slated for March, with anticipated contributions to earnings by 2024.
A Brown Company inc. is a Mindanao-based property developer with a diversified portfolio covering residential and commercial real estate projects. Beyond real estate, ABCI has also ventured into power generation, public utilities, and agribusiness.
