C04424-2017

SECURITIES AND EXCHANGE COMMISSIONSEC FORM 17-C

CURRENT REPORT UNDER SECTION 17
OF THE SECURITIES REGULATION CODE
AND SRC RULE 17.2(c) THEREUNDER

1. Date of Report (Date of earliest event reported)
Jul 14, 2017
2. SEC Identification Number
A200110402
3. BIR Tax Identification No.
213-054-503
4. Exact name of issuer as specified in its charter
SBS PHILIPPINES CORPORATION
5. Province, country or other jurisdiction of incorporation
PHILIPPINES
6. Industry Classification Code(SEC Use Only)
7. Address of principal office
10 RESTHAVEN STREET, SAN FRANCISCO DEL MONTE, QUEZON CITY Postal Code 1105
8. Issuer's telephone number, including area code
(02) 371 1111
9. Former name or former address, if changed since last report
N/A
10. Securities registered pursuant to Sections 8 and 12 of the SRC or Sections 4 and 8 of the RSA
Title of Each Class Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding
COMMON SHARES 1,200,000,000
11. Indicate the item numbers reported herein
ITEM 9: OTHER EVENTS

The Exchange does not warrant and holds no responsibility for the veracity of the facts and representations contained in all corporate disclosures, including financial reports. All data contained herein are prepared and submitted by the disclosing party to the Exchange, and are disseminated solely for purposes of information. Any questions on the data contained herein should be addressed directly to the Corporate Information Officer of the disclosing party.

SBS Philippines CorporationSBS

PSE Disclosure Form 4-14 - Stock Rights Offering References: SRC Rule 17 (SEC Form 17-C) and
Section 4.4 of the Revised Disclosure Rules

Subject of the Disclosure

Approval of the revised structure for the conduct of a Stock Rights Offering
Background/Description of the Disclosure

In its meeting held on June 9, 2017, the shareholders of the Company representing at least 2/3 of the outstanding capital stock of the Company approved a capital raising exercise through Stock Rights Offering to its registered stockholders (the “Rights Offer”) which will be issued partially from the Company’s unissued capital stock and partially from the increase in the Company’s authorized capital stock, with the Board of Directors being authorized to determine the size and terms of the Rights Offer, including the utilization of the proceeds of the Right Offer.

In its meeting held on June 9, 2017 after the holding of the Annual Shareholders' Meeting, the Board of Directors approved a Stock Rights Offering to its registered stockholders of up to 845,487,000 common shares (the “Rights Offer”) which will be issued partially from the Company's unissued capital stock and partially from the increase in the Company’s authorized capital stock;

In its meeting of July 14, 2017, the Board of Directors deems it to the best interest of the Corporation to change the Offer structure earlier approved by the Board to provide for the separate conduct of the stock rights offering to be issued solely from the Corporation’s existing unissued capital stock and those subsequently to be issued from the new shares to be created from the increase in authorized capital stock to be undertaken by the Company; with the Board approving an initial Stock Rights Offering (“Offer”) comprising of up to 302,000,000 common shares with a par value of P1.00 per share (the “Rights Shares” or “Offer Shares”) from the existing unissued shares of the Corporation for subscription of existing holders of Common Shares of the Company, which Offer is intended raise to up to One Billion Five Hundred Million Pesos (Php1,500,000,000.00) in gross proceeds
Date of Approval by Board of Directors Jul 14, 2017
Entitlement Ratio TBA
Offer Price TBA
Number of Shares to be Offered 302,000,000
Ex-Rights Date TBA
Record Date TBA
Start of Offer Period TBA
End of Offer Period TBA
Use of Proceeds

The net proceeds from the Offer will be used by the Company to (i) support the capital requirements of its subsidiary, SBS Holdings and Enterprises Corporation (PhP 1.2 billion) to pursue investment opportunities in property related assets and businesses and (ii) provide for general working capital requirements of the Company (PhP 292 million).
Other Relevant Information

The conduct of separate stock rights offerings is being implemented to comply with the policy of the Philippine Stock Exchange that only existing unissued shares may be offered to the public.

The revised structure aims to create a more expedient solution that may accelerate the regulatory process so the Company may pursue the intended projects it is eyeing within its timetable. Finally, the Company believes that the revised Offer structure will enhance the Company's strategic flexibility to support the implementation of its announced growth strategy.

This amends the Company Announcement under Circular No. C03662-2017 to reflect the July 14,, 2017 amendment of the structure for the conduct of the stock rights offering and how the Rights Offer will be issued, and the Board approval of the change in the size of the Rights Offer (maximum number of shares to be offered), the maximum amount of proceeds to be raised and its specific uses.
Filed on behalf by:
Name REGINA SIMONA DE GUZMAN
Designation GENERAL COUNSEL & COMPLIANCE OFFICER