The board of directors of Aboitiz Equity Ventures Inc. (PSE: AEV) approved the issuance of fixed-rate peso-denominated retail bonds in the aggregate amount of up to PhP30 billion, to be issued in one or more tranches depending on market conditions. The bonds will be registered under the shelf registration program of the Securities and Exchange Commission (SEC) and is expected to be offered to the general public in 2019. AEV is also planning to list the bonds with the Philippine Dealing and Exchange Corporation.
The board delegated to management the final determination of the offer price, tenors, and other terms and conditions of the bonds. AEV will use the proceeds of the bonds to finance planned acquisitions, future investments, and other general corporate requirements.