Philippines’ 8990 plans to sell PHP 5 billion perpetual preferreds

By Marisa Wong

Morgantown, W.Va., Nov. 9 – 8990 Holdings, Inc. plans to offer non-voting non-convertible redeemable perpetual preferred shares.

According to a news release, the company plans to issue up to PHP 5 billion of the preferreds within the second quarter of 2017.

Proceeds will be used to finance land-banking activities, for working capital and to retire some loans.

The company said details of the issuance are still subject to board approval.

8990 is a property developer based in Makati City, Philippines.

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