By Cris LaranoDow Jones Newswires
Edited by Matthew Oakley
CNN Money MANILA -(Dow Jones)- Pepsi-Cola Products Inc. is planning an initial public offering of shares that could raise as much as PHP7.92 billion ($173 million), documents filed with regulators showed Tuesday.
The Philippines' second-largest soft-drinks company by sales plans to offer 1.31 billion shares, including 171.4 million to cover possible excess demand, at a maximum price of PHP6.04 a share.
Of the 1.14 billion shares to be initially offered, around 380.8 million will be new shares, while 761.6 million will be sold by some of the company's major shareholders, including its biggest owner, Guoco Assets (Philippines) Inc..
PepsiCo Inc. (PEP), which has a 32.9% stake in the company, isn't among the selling shareholders.
Proceeds from the sale of new shares will be used to install additional bottling lines to increase capacity and enable the company to manufacture non- carbonated drinks.
The company saw its net profit in the three quarters up to March 2007 contract 21% on year to PHP501 million, as higher operating expenses and production costs offset a 17% on-year increase in sales.
UBS Investment Bank is sole international underwriter and bookrunner for the IPO.
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