![](https://investingbusinessdaily.com/wp-content/uploads/2023/12/SEC-logo-300x169-tzydor.jpeg)
SEC approves Filinvest, Dagupan Electric offerings
THE Securities and Exchange Commission (SEC) said on Wednesday that it had approved the public offering of two companies.
The Commission En Bank of SEC had allowed the registration statement of Filinvest Development Corp. for P32 billion fixed rate bonds and Dagupan Electric Corp. for 14.66 million common shares, it said in a media release.
The SEC said Filinvest Development will issue the peso-denominated bonds in tranches within three years, with the first tranche to be made up of P7 billion and an oversubscription allotment of up to P3 billion.
If realized, Filinvest Development could raise up to P9.87 billion from the offering, which it intends to use to partially fund its capital expenditures, general corporate purposes as well as redemption of maturing bonds, the SEC said.
The bonds are set to be issued from Jan. 25 to 31, 2024 “in time for listing on the Philippine Dealing and Exchange Corp. by February 7, 2024, according to the latest timeline submitted to the Commission.”
Filinvest Development has tapped BDO Capital & Investment Corp., BPI Capital Corporation, China Bank Capital Corp., East West Bank, First Metro, Land Bank of the Philippines, RCBC Capital Corp., and SB Capital Investment Corp. as joint lead underwriters and bookrunners for the transaction.
Meanwhile, the SEC said Dagupan Electric is set to hold its public offering for 2.2 million shares priced at P533 each to fund its capital projects including its electricity distribution services for three years.
“This includes the construction of a new substation in Sta. Barbara, Pangasinan and line extension, rehabilitation, and upgrades, among others,” SEC said.
The company is expecting to raise about P1.12 billion from the offering which it intends to offer from Jan. 8 to 12, 2024. It has tapped Penta Capital & Investment Corp. as the underwriter for the offering. — Ashley Erika O. Jose