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SBS Philippines CorporationSBS
PSE Disclosure Form 4-29 - Disbursement of Proceeds and Progress Report References: Memorandum No. 626 - 2007 dated December 20, 2007
Section 4.4 of the Revised Disclosure Rules
- Annual Report
- Quarterly Report
- OthersDisbursement of Stock Rights Offering (SRO) Proceeds as additional capital infusion in Subsidiary
| Subject of the Disclosure |
|---|
Disbursement of SRO proceeds as additional capital infusion in SBS Holdings and Enterprises Corporation ("SHEC"), a wholly owned subsidiary of the SBS Philippines Corporation ("Company") |
| Background/Description of the Disclosure |
On March 27, 2018, the Company subscribed to an additional 425,312,500 common shares from the unissued share capital of the Company's wholly owned-subsidiary, SHEC , at its par value of P1.00 per share for a total consideration in cash of Four Hundred Twenty Five Million Three Hundred Twelve Thousand Five Hundred Pesos (PhP 425,312,500.00) which was funded by the SRO proceeds. The disbursement is accordance with the proposed utilization of proceeds raised from the SRO as disclosed in the Company’s SRO Prospectus dated November 17, 2017. |
| Other Relevant Information |
The share subscription proceeds and additional investment of funds will be used by SHEC as capital to principally finance its investments in companies with investments in prime properties or to be investing in property acquisitions and/or development in furtherance of the diversification and investment strategy of the SBS Group to acquire strategically selected property related investments that is expected to deliver income and capital growth in the coming years. |
| Name | REGINA SIMONA DE GUZMAN |
|---|---|
| Designation | GENERAL COUNSEL & COMPLIANCE OFFICER |