Splash spends portion of share sale proceeds on advertising

MANILA, Philippines - Splash Corp., which sells personal care products in 38 countries, said it spent roughly seven percent of its initial share sale proceeds for “advertising and promotional activities." The company allotted P50 million each for the first and fourth quarter last year in support of its brand building initiatives, Splash Corp. said in a disclosure to the Philippine Stock Exchange (PSE). Cash raised from its November 2007 initial public offering (IPO) reached P1.608 billion, bringing the balance to P1.508 billion, the company said. “Negotiations for acquisitions are ongoing," the company said in its disclosure without providing additional details. Splash will be spending for research and development “on a new line of health and wellness products during the second quarter," it added. Shares of Splash Corp. remained unchanged at P2.85 apiece during Thursday’s trading at the PSE. Its top 100 stockholders include businessman Alfredo M. Yao, chairman of Zest-O Corp. - GMANews.TV