SMDC sets stock rights offer price

Businessmirror
Written by Miguel R. Camus

LISTED SM Development Corp. (SMDC) has set the share price for its planned stock rights offer in early January, proceeds of which will be used to support the firm’s land acquisition activities.

Sy-controlled SMDC said the shares will be priced at P3.50 each, a 13.25-percent discount to the 15-day volume-weighted average price taken from October 30 to November 20.

The firm expects to raise up to P5 billion from the stock rights offer, which allows existing shareholders to purchase one SMDC share for every three shares owned as of December 7.

SMDC earlier said the offer will support its aggressive expansion program set for next year. Read More...