Quezon City—(PHStocks)—Trading of the shares of SBS Philippines Corp. has commenced trading on the main board of the Philippine Stock Exchange (PSE) under the ticker symbol “SBS” yesterday, 10 August 2015.
The listing is the result of the initial public offering of 420,000,000 new shares at PhP2.75 per share which raised PhP1.15 billion in fresh funds. SBS intends to use the net proceeds from the offer to: expand its product offering and invest in capital expenditures to promote operational efficiencies; prepay a term loan; and fund working capital purposes.
The strong macroeconomic growth of the Philippine economy is providing SBS with great business momentum. SBS anticipates to achieve a double digit growth in revenues and earnings in 2015. Consistent with the strong first quarter performance, the Company continues to perform well in the second quarter. SBS will be releasing its second quarter results by the first week of September 2015.
With the business of the SBS linked to the production sectors of the economy, it is strategically positioned to capture local market growth and access increasing chemical requirements of consumer high growth markets. These growth trends present SBS with opportunities to accelerate demand for its products as the Company provides products needed for the continued economic expansion.
SBS intends to capitalize on these industry market growth trends and opportunities to grow its market shares and operating margins. The Company will focus on population driven industries such as the food and nutrition, agri-business, water treatment, pharmaceuticals, household and personal care. To boost its competitiveness, SBS will introduce additional products to enhance its product offerings. These include newly developed materials that cater to the industry market trends in the food sector.
“We are excited on the attractive growth prospects of SBS given the strong growth in manufacturing output and chemical consumption not only in the Philippines but in the Asian region as well,” said Necisto U. Sytengco, Chairman of the Board and President of SBS.
With the successful initial public offering, the SBS will also focus on expanding scale and efficiencies to complement its business growth. As a business driven by scale, the Company intends to continue to out invest competition and provide for differentiated capability.