LBC revives P1.520 billion follow-on offering

The board of directors of LBC Express Holdings Inc. has approved the plan to refile a request for a follow-on offering with the Securities and Exchange Commission, covering up to P1.520 billion of common shares.

The follow-on offering involves 69.101 million common shares, the company told the Philippine Stock Exchange on Tuesday.

Ten million new common shares will be issued as primary offering and 59.101 million shares as secondary offering.

"The indicative offer price for the follow-on offering is up to P22.00 per share," the company said.

"The company expects to use the net proceeds from the offering for general corporate purposes and working capital, including the expansion of retail and corporate business, information technology development, and other corporate purposes," it added.

LBC tapped Philippine Commercial Capital Inc. as lead underwriter and issue manager for the transaction.

The follow-on offering is subject to the approvals of the SEC and stock exchange. — Jon Viktor Cabuenas/VDS, GMA News