Low-cost mass housing developer 8990 Holdings Inc. (PSE stock code: HOUSE) will raise as much as P9 billion by conducting a follow-on share offering this May 2014, with each share priced at P6.50 apiece.
HOUSE, the developer of “DECA Homes” and “Urban DECA Homes” projects will issue 1.245 billion shares, of which 862.19 million are new common shares to be issued and offered by the company while 382.36 million shares are existing shares of selling shareholders. There is an over-allotment option up to 134.95 million shares.
The retail offering will run from May 2 until May 8. New shares will be listed and will start trading in the PSE on May 14.