Plastics king William Gatchalian-led Philippine Estates Corp. (PHES) has received the green light from the Philippine Stock Exchange to raise as much as P1.44 billion from a stock rights offering.
PHES is selling up to 1.445 billion shares to stockholders at P1 per share. A stockholder can buy one new share for every one PHES share held as of December 2.
The offer period will run from December 6 to 13.
Net proceeds from the offer will be used for the acquisition of real estate properties and for general corporate purposes.
Originally incorporated as Philippine Cocoa Estates, PHES is looking at acquiring land in selected areas such as Bulacan and Cavite where economic growth is expected to show resilience during the pandemic.
PHES developed Pearl of the Orient Tower in Manila and MetroTech Industrial Park and Pacific Grand Residences in Valenzuela City. It has built the Pacific Grand Townhomes, as well as single detached units in Pacific Grand Villas and Costa Smeralda and duplex units in Wellford Homes Jaro in Iloilo.