Filinvest secures PSE approval for P8-billion preferred share offering 

The Philippine Stock Exchange has approved the listing of Filinvest Development Corporation’s planned P8 billion non-convertible perpetual preferred share offering, which will run from July 21 to July 31, 2025, according to a report by Manila Bulletin.

The bourse said the price or dividend rate for the preferred shares will be set on July 16, 2025, with the listing date tentatively set for Aug. 8, 2025.

FDC will have a base offer worth %u20B16 billion, consisting of six million shares at %u20B11,000 per share, and an oversubscription option of up to %u20B12 billion or two million shares.

The shares will be offered in two series, with the Series A Preferred Shares, which are non-redeemable for two years from the issue date, and the Series B Preferred Shares, which are non-redeemable for a period of five years from the issue date.

Proceeds from the offering will be used by Filinvest to refinance existing debt obligations (%u20B15.05 billion for the base offer to %u20B16.75 billion if including the over-allotment option) and %u20B1893 million to %u20B11.18 billion for capital expenditures and general corporate purposes.

FDC has tapped BPI Capital Corporation to be the sole issue manager. At the same time, BPI Capital, BPI Capital & Investment Corporation, China Bank Capital Corporation, Land Bank of the Philippines, and Security Bank Capital Investment Corporation have been named as joint lead underwriters and bookrunners.

FDC is setting a %u20B124 billion capital expenditure budget for 2025, 20 percent more than the %u20B120 billion allotted in 2024, so it can achieve a 20 percent growth for another record year.

FDC Chief Finance Officer and Treasurer Ven Christian Guce said, “47 percent of that will go into the expansion projects of our real estate. These are projects that are already ongoing, just completing.”

“And then, we're looking at 40 percent will go into the expansion of the different portfolios of our segments, like hotel, investment into renewables, investments into our core power business.

“And then, 10 percent will go into digitalization and our investments into the shared services organization, which is really going to drive operational efficiencies group-wide,” he added.