Chemical Industries of the Philippines (Chemphil), led by its president and CEO Janice Co Roxas-Chua, is preparing to conduct a follow-on offering to boost its public float.
Chemphil said its board approved the issuance by the company of at least 10 percent of its issued and outstanding shares to the public.
According to the company, the follow-on offering will not include shares that are under lock-up
Chempil’s board also gave the green light for the sale of a 1, 009 square meter property with building in Legazpi Village, Makati City.
The company incurred a P1.8 million net loss in the third quarter, higher than the P800 million loss in the same period last year as revenues fell 85 percent to P300 million.
Chemphil and its subsidiaries are primarily engaged in the manufacture, sale and distribution of industrial chemicals and leasing of office space.