Lopez holding firm raises P4.3 billion from bourse float

The Lopez-controlled First Philippine Holdings Corp. (FPHC) raised P4.3 billion on April 30 from the issue of nonvoting preferred shares at the Philippine Stock Exchange (PSE). Elpidio Ibañez, FPHC president and chief operating officer, said the proceeds from the float will be used to finance maturing obligations and to invest in joint venture projects. The company will repay P4.8 billion in debts maturing in 2009. FPHC will also pay down $85 million in foreign debts ahead of maturity from the proceeds. Ibañez had said the company owes Credit Suisse $50-million and a $35 million debt from the Tardy fund which it will service around May. He added that the company will invest $18 million in a joint venture with the US-based Sun Power Corp. which designs, manufactures and delivers solar electric technology worldwide. FPHC hired BDO Capital and Investment Corp. as issue manager and sole book runner.

in Daily Tribune by Earl Paolo Jaculbe
May 1, 2008
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