The Securities and Exchange Commission (SEC) approved the company’s registration statement on October 19, clearing a major hurdle in its plan to expand its shipping fleet and develop shipyard facilities.
The offering covers up to 1.1 billion shares priced at a maximum of P0.67 each, comprising one billion new shares and 100 million existing shares to be sold by a shareholder.
Fleet expansion ahead
Aznar Shipping expects to receive about P633.81 million in net proceeds from the sale of new shares, which will fund additional vessels, shipyard development and general corporate requirements.
The company plans to offer shares from December 1 to 8 before listing on the Philippine Stock Exchange’s Small, Medium and Emerging Board on December 18.
Faster approval process
Aznar Shipping became the first company to apply through the SEC’s new Online Application and Registration System, which aims to make fundraising approvals faster and more efficient.
Regulators cleared the application in 38 days, beating the new 40-day processing target and the previous 45-day period.
Investment & Capital Corp. of the Philippines and PNB Capital and Investment Corp. will serve as joint issue managers, lead underwriters and bookrunners for the offering.
—Edited by Miguel R. Camus
