LISTED paper packaging firm Steniel Manufacturing Corp.'s board on Monday approved the sale of some 157.6 million in primary shares via a follow-on offering.
LISTED paper packaging firm Steniel Manufacturing Corp.'s board on Monday approved the sale of some 157.6 million in primary shares via a follow-on offering.The offering, approved during Steniel 's annual shareholders meeting last July, will price the shares at P1.80 to P2.00 apiece and is expected to raise approximately P315 million, the company told the stock exchange on Tuesday.For the second quarter of this year, Steniel recorded P1.
The PSE imposed a trading suspension on Steniel shares in July 2006 due to the company's lack of liquidity, which resulted in a motion by its shareholders to file borrower-initiated petitions for rehabilitation.In April 2024, the bourse lifted the suspension after the company submitted its restructured reportorial requirements.The company has two operating subsidiaries, namely Steniel Cavite Packaging Corp. and Steniel Mindanao Packaging Corp. .
Plans To Raise P315M Via Share Offer
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