‘Hulugan’: Leandro Leviste cuts SPNEC’s stock rights offer price range and even offers installment payment options

Determined to make its stock rights offering a success, techpreneur Leandro Leviste has slashed Solar Philippines Nueva Ecija Corp.’s SRO price range and has even offered installment payment options for its shareholders.

In a filing with the stock exchange, SPNEC said it was now looking to sell shares at between P1.50-P1.76 each, down from an earlier band of P1.60 to P1.76.

With the scaled down SRO price range, the company expects to raise P2.795 billion to P3.28 billion in net proceeds from the offering of 1.875 billion shares.

“We also wish to highlight the option to pay in installments, with a down payment of 25 percent and the balance of 75 percent within three months of the offer period, as detailed in the prospectus,” SPNEC said.

Shareholders can buy one rights share for every 1.28 common shares held as of August 25.

Abacus Capital and Investment Corp. and ChinaBank Capital are the joint issue managers and lead underwriters for the SRO which will run from August 30 to September 5.

Proceeds from the offering will be used for project development (including the purchase of land for four GW of new projects and off-take agreements) and general corporate purposes.

SPNEC closed four centavos lower Tuesday at P1.67 on total value turnover of P82.2 million.

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