Themis to start tender offer of Ferronoux shares next week

MANILA, Philippines — Themis Group Corp. is set to commence next week its tender offer for all the common shares of listed Ferronoux Holdings Inc. held by public shareholders as part of its backdoor listing.

In a stock exchange filing, Ferronoux said that it received information from Themis Group of the latter’s intention to conduct a tender offer for up to 128.29 million common shares of the company for P2.22 per share.

The tender offer period will commence on March 19, 2025 and end on April 21, 2025.

Themis is a domestic corporation incorporated with the primary purpose of engaging in the activities of a holding company.

The company seeks to partner with key stakeholders to venture into property development and capitalize on other promising investment opportunities with substantial growth potential.

Through its partnership with Themis, Ferronoux targets establishing a presence in the real estate sector, focusing on mixed-use developments that combine residential, commercial and recreational spaces.

In December last year, Ferronoux approved a private placement of Themis through subscriptions to 80 million common shares in the company.

Ferronoux is also poised to acquire parcels of land adjacent to the Okada Manila integrated casino resort in Parañaque City worth P4.3 billion in a property-for-share swap deal.

Ferronoux will conduct a follow-on offering under the revised rules on the backdoor listing within one year of completing the property-for-share swap with Eagle 1 Landholdings Inc.

The property-for-share swap involves the issuance by Ferronoux of up to 918 million common shares at about P4.70 per share in exchange for three parcels of land owned by Eagle 1 with a total area of 94,144 square meters.