Listed retail firm pays off P402.7 million bank loan

CEBU, Philippines – Metro Retail paid off another short-term loan worth P402.7 million with Land Bank of the Philippines using the proceeds from its initial public offering (IPO).

The Gaisano-led multi-format retailer told the Philippine Stock Exchange that the amount borrowed was P400 million with an interest of P2.7 million.

The company earlier said it also paid off P150.38-million short-term loan with Bank of the Philippine Islands using its IPO proceeds.

As of December 31, 2015, it disclosed that the balance of its IPO proceeds amounted to P3.2 billion from the P3.6 billion it raised when it listed on the PSE on Nov. 24 last year.

The Cebu retail giant, which was the third firm to go public last year, said it already utilized P200 million from the proceeds as working capital requirements.

Shares of Metro Retail were traded at P3.48 per share yesterday, down 0.57 percent from previous close of P3.50. (FREEMAN)