Big Boy Sy, Robert Coyiuto cut Synergy Grid’s FOO price by nearly a third

Big Boy Sy, Robert Coyiuto cut Synergy Grid’s FOO price by nearly a third

Synergy Grid & Development Philippines slashed its follow on offering price range by more than 30 percent, reducing the maximum size of the share sale to just P19.6 billion.

Mutual decision: JP Morgan leaves Big Boy Sy, Coyiuto’s P25.7B Synergy Grid FOO

It lowered the FOO price to a range of P12 to P17 from its previous band of between P15 to P25 per share.

With the new price range, Synergy is expected to raise P13.8 billion to P19.6 billion compared with the earlier announced P17.2 billion to P28.8 billion.

Big Boy Sy, Coyiuto have until November 14 to conduct NGCP public offering

Synergy will offer to the public up to 1.05 billion common shares with an overallotment option of up to 101 million common shares that will be offered by selling shareholders Henry Sy Jr. and Robert Coyiuto, Jr.

The offer period will run from October 26 to November 2 while the listing of the shares has been set on November 10.

Synergy shakeup: Big Boy Sy gives up president’s seat but keeps chairmanship; Roberto Coyiuto named vice chairman

Net proceeds from the offer will be used for subscription to the non-voting preferred shares tol be issued by parent firm National Grid Corporation of the Philippines as well as for capital expenditure requirements and related costs and expenses.

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