Gotianun-backed Filinvest Development to raise up to P8B via preferred shares

The Gotinaun family-led conglomerate Filinvest Development Corp. is gearing up to raise capital through a preferred share offering worth up to P8 billion.

In a stock exchange filing on Wednesday, FDC received confirmation from the Securities and Exchange Commission (SEC) that the planned offering had complied with its rules. 

This is a separate step that comes before the actual permit to sell. 

FDC, which owns EastWest Bank, Filinvest Land and FDC Utilities, approved plans to sell up to 8 million preferred shares, which includes overallments for two million shares, worth up to P1,000 each. 

Other details, such as the timing of the offer and dividend rate, have yet to be finalized, the filing showed. 

Corporations have been turning to equity instruments like preferred shares, which offer the dual benefit of liquidity for issuers and fixed dividend payouts for investors.