Aboitiz Equity Ventures eyes P10-billion bonds in the fourth quarter

Aboitiz Equity Ventures Inc. (AEV), the listed holding firm of Cebu-based Aboitiz clan, said it is looking at issuing retail bonds worth P10 billion in the fourth quarter to fund investments.

 

In a disclosure to the Philippine Stock Exchange, AEV said its board authorized the issuance of up to the aggregate amount of P10 billion in retail bonds with tenors of seven and 10 years.

 

"The bonds, which are expected to be offered to the general public in the fourth quarter of 2013, will be registered under the Securities Regulation Code," the disclosure read. 

 

It hired First Metro Investment Corporation as the issue manager for the issuance of the bonds.

 

AEV said the proceeds of the bonds issuance will be used to finance its planned investments and for other general corporate purposes.

 

Last June 25, AEV said its real estate arm AboitizLand Inc. is acquiring a 60-percent stake in Alcantara Group's Lima Land, Inc., a 40-60 percent joint venture of Marubeni Corporation of Japan and Alsons Land which owns the Lima Technology Center located in Malvar, Batangas and Lipa City.

 

In June 27, Alsons Consolidated Resources Inc. chief financial officer Luis Ymson told GMA News Online that the Alcantara Group is "considering" AboitizLand's offer to acquire a majority stake in Lima Land Inc. as it looks at divesting from its portfolio investment to focus on power projects.