Philippine’s A Brown offers up to PHP 1 billion preferred stock

Chicago, Nov. 19 – A Brown Co., Inc. is offering up to PHP 1 billion, or 10 million shares, of preferred stock in a maiden offering, with books closing on Friday.

Shares will carry a 7% quarterly dividend, according to a regulatory notice.

There is an over-allotment option of an additional 5 million shares at PHP 100 per share.

PNB Capital is the issue manager, lead underwriter and bookrunner.

The issue is tentatively scheduled to be listed on Nov. 19 on the Philippine Stock Exchange as “BRNP.”

Proceeds from the offer will be used to sustain the company’s expansion. Should the offer be oversubscribed, proceeds will be used to support development of a pipeline of real estate projects located in key cities in Luzon and Mindanao.

Based in the Philippines, the company is in the business of horizontal residential real estate development.

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