SBS completes stock rights offer

MANILA, Philippines — SBS Philippines Corp. has successfully completed its stock rights offering.

The company offered 302 million shares to existing stockholders as of Nov. 22, 2017 at the proportion one common share for every 4.1325 common shares at a  price of P4.67 per rights share.

It will list the shares on Dec. 22.

Proceeds of the offer would be used to support the capital requirements of the company’s subsidiary, SBS Holdings and Enterprises Corp. and provide for general working capital requirements of the company, SBS said in a disclosure to the Philippine Stock Exchange yesterday.

SBS Holdings has been strengthening its property business through the acquisition of more land.

Through 22 percent owned Joine Holdings Corp., SBS purchased a prime commercial property located along EDSA in Bgy. Wack Wack, Mandaluyong City.

The acquisition of properties is part of the group’s diversification strategy of investing in small ownership stake in firms investing in real properties at a lower capital requirement and risk exposure.

Cleon Phils Holdings Corp., which is 37.25 percent owned by SBS, earlier acquired a prime property along J. P. Rizal Street in Mandaluyong City.

SBS Philippines is one of the major chemical trader-distributors in the Philippines supplying a diverse customer base of more than 1,800 customers with over 3,000 chemical products sourced from more than 500 suppliers.

It has a wide portfolio of chemical products to service its wide set of clientele in the following industries: food ingredients, industrial, feeds and veterinary care, pharmaceutical, and personal care and cosmetics.

It has  a network of 15 warehouse facilities located at five different sites in the greater manila area and the province of Bulacan, providing for a combined floor space of about 46,000 square meters and a storage capacity exceeding 18,000 MT.