PHINMA Corporation announced on Wednesday the successful conclusion of its stock rights offering (SRO), raising ₱1 billion ($17.86 million) to fund investment and expansion initiatives aimed at underserved Filipino families and communities.
Concurrently, the company’s shares were officially listed on the Philippine Stock Exchange (PSE), marking a significant milestone that coincided with PHINMA’s 68th anniversary this November.
The SRO comprised 50 million shares priced at ₱20 each and was open from November 13 to 19. During the bell-ringing ceremony at the PSE Tower, PHINMA Chairman and CEO Ramon R. del Rosario Jr. emphasized the company’s commitment to enhancing the quality of life for Filipino families through strategic investments and unified business efforts.
“PHINMA shall continue to serve Filipino families and communities by providing the essentials to a dignified life through the unified efforts of our businesses and investments,” del Rosario stated.
PHINMA Chairman Emeritus Oscar J. Hilado, Executive Vice President for Construction Materials Eduardo A. Sahagun, Chief Financial Officer EJ A. Qua Hiansen, and Group Controller Regina B. Alvarez were also present at the ceremony. CFO Hiansen highlighted the company’s strategic financial positioning, noting, “Thanks to the continued support of our shareholders, we are proactively strengthening our balance sheet while maintaining the flexibility to make strategic investments that will fuel our future success.”
The ₱1 billion raised will be allocated across several key business ventures. PHINMA Hospitality will invest ₱250 million in establishing a TRYP by Wyndham hotel in Saludad, Bacolod City’s first mixed-use master-planned 21-hectare township.
Union Insulated Panel Corp. will receive ₱210 million to develop a new state-of-the-art facility in Pampanga with an annual capacity of one million square meters.
PHINMA Properties plans to allocate ₱200 million for projects in emerging cities outside Metro Manila, including Bacolod, Cebu, and Davao.
Additionally, PHINMA Solar Energy Corp. will invest ₱170 million in 58 projects secured under the government’s Green Energy Auction Program, while Philcement Corp. will utilize ₱114 million to construct a modern cement manufacturing facility in Davao del Norte capable of producing two million metric tons annually.
Beyond these specific investments, PHINMA has designated ₱239.56 million for initiatives in socialized housing, food security, healthcare, and the green industry, along with general corporate purposes.
These allocations reflect the company’s diversified portfolio, which spans construction materials, property development, hospitality, and renewable energy sectors.
PHINMA Corporation’s strategic fundraising and listing on the PSE underscore its ongoing commitment to fostering sustainable growth and making a substantial impact on Filipino society and the broader economy.
The company looks forward to continued support from its shareholders as it pursues its ambitious business objectives and long-standing dedication to improving lives across the Philippines.
Business News Asia
