Connect with us

Hi, what are you looking for?

Top Stories

Editor's Pick

The Keepers Holdings follow-on offer raises P4.5B

The Keepers Holdings, Inc. on Friday raised P4.5 billion from its follow-on offering that drew local small investors in an oversubscribed capital raising for the owner of three local liquor companies.

During the listing ceremony, Philippine Stock Exchange President and Chief Executive Officer Ramon S. Monzon said The Keepers Holdings attracted interest because of its “strong growth prospects.” The Keepers Holdings’ follow-on offering was oversubscribed by about 3.36 times.

Mr. Monzon cited the company’s move from a shell company to become a holding firm with three subsidiaries to form a liquor business.

On June 18, The Keepers Holdings entered into a share-swap transaction in which its shares were swapped with shares held by Cosco Capital, Inc. in liquor, wine, and specialty beverage distribution companies Montosco, Inc., Meritus Prime Distribution, Inc., and Premier Wine and Spirits, Inc.

Mr. Monzon said the “20% tranche for the trading participants was likewise oversubscribed by 2.86 times, resulting in an oversubscription of 2.2 times for the company’s total offering of P4.5 billion.”

He commended The Keepers Holdings for allocating 5% of its offer shares to the local small investors, allowing 3,542 from Metro Manila, 66 from the provinces, and 22 from other countries to participate in the offering.

The Keepers Holdings President Jose Paulino L. Santamarina said the company “has brand leadership in 10 of the 12 key spirit categories,” and currently has diversified offerings as it has representations in the wine and specialty beverage products segment.

He said with the company’s network of more than 200 strong distribution partners coupled with its strong distribution synergies with the Cosco Capital, The Keepers Holdings “has covered all key distribution channels for the imported retail.”

The Keepers Holdings set the price of its three billion common shares at P1.50 apiece, the lowest end of its already discounted price range.

Shares in Keepers Holdings at the stock exchange on Friday fell by 86.82% or P11.13 to end at P1.69 apiece. — Bianca Angelica D. Anago

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

Editor's Pick

The Board of Investments (BoI) has cleared Sinoma Energy Conservation (Cebu) Waste Heat Recovery Co. Inc. to serve as the operator of a 4.5-megawatt...

Economy

In the wake of Covid-19, people are working harder than ever. While many of us thought productivity may dip when we started working from...

Economy

Few individuals can resist the temptation to try before they buy; therefore, it was only a matter of time until online casinos realized this...

Forex

At a time when the world is battling to get through the dreaded coronavirus pandemic, protective face masks have come out to be the...

Disclaimer: SecretsOfRichDads.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice.
The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2022 Secrets Of Richdads. All Rights Reserved.