DIVERSIFIED firm Aboitiz Equity Ventures Inc. (AEV) has raised P614.8 million from the sale of a portion of its Treasury sales to bolster funds for expansion and enhance liquidity of its stocks.
The company said in a regulatory filing on Wednesday that it had placed out 10.6 million common shares at a par value of P58 apiece.
AEV shares closed at P58.05 each on June 30 when the selling took place.
The conglomerate has been authorized to sell 50,000 shares to build up its cash reserves, working capital and other general corporate purposes.
The shares have been sold, either in tranches, or in a single block, at prevailing market prices via the facilities of the local bourse.
To date, a total of 32.39 million Treasury shares has been sold, with the remaining balance to be sold stand at 17.61 million shares.
The public holding and management company of the Aboitiz Group of Companies reported a consolidated net income of P4.1 billion in the first quarter of 2015, as core income stood at the same figure for the period, recording a decline of 7 percent year-on-year.
This translated to earnings per share of P0.74.
AEV’s power strategic business unit contributed 79 percent to the company’s total earnings, while banking, food and property were at 9 percent, 10 percent, and 2 percent, respectively.