Phinma raising funds from bourse for first time in nearly 30 years
Phinma Corp. listed 50 million from its stock rights offering (SRO) shares on the Philippine Stock Exchange (PSE) on Wednesday . The company raised Php 1 billion pesos from the share sale.
The stock rights offering is Phinma's first fund raising in close to three decades.
In his opening remarks, PSE President and CEO Ramon Monzon noted that Phinma has attracted strategic investors over the years.
“During Phinma’s 28-year absence in the stock market, capital for its growth and expansion was provided by various strategic investors who were attracted to the Company’s business acumen, integrity and reputation.”
Monzon welcomed Phinma's return to the equities market.
He also cited the expansion in the company’s education arm and the SRO proceeds allocation for Phinma's other business units - construction materials, property development and hospitality.
“Phinma Corporation has successfully forayed into various industries and established its mark in these sectors through the years. Its diverse interest is also a reflection of its commitment to pursuing businesses that will uplift the lives of Filipinos,” said Monzon. PSE Corporate Communications Department
