Aboitiz Float Raises PhP615M

Aboitiz Equity Ventures, Inc. (AEV) has managed to raise P614.8 million in fresh capital through the sale of treasury shares. The listed conglomerate sold 10.6 million shares at P58 apiece in a treasury sale transaction on June 30.

The fresh capital is on top of the P1.2 billion that AEV raised from three similar transactions between August 2014 and January this year.
With the latest share sale, the company is now left with 140,332,814 treasury shares, or its inventory of unissued shares or those that were bought back from the public.

Last August, the AEV board authorized the sale of up to 50 million treasury shares to boost the firm’s cash reserves and working capital. It has sold 32.4 million treasury shares so far.

“The proceeds of the sale will be used to build up the company’s cash reserves, working capital and for other general corporate purposes,” AEVsaid.

AEV is the holding firm for the Aboitiz family’s businesses. The company allotted P60 billion in capital expenditures for this year, higher than the P31-billion actual spending last year.

The bulk of the budget, or P52 billion, has been earmarked for its power subsidiary, Aboitiz Power Corp.

The remainder has been set aside for its property (Aboitiz Land, Inc.), banking (Union Bank of the Philippines, Inc.) and food (Pilmico Foods, Inc.) subsidiaries. –End-