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MANILA, Philippines – The Philippine Stock Exchange (PSE) announced Thursday, July 25 it approved the P150-million initial public offering (IPO) of microfinancing company AG Finance Inc.
In a memorandum, the PSE said AG Finance plans to sell 68.07 million common shares for P1.91 to P2.20 each.
The final price will be set on July 26, while the offer period will run from July 30 until August 5. The shares will be listed on the first board of the exchange on August 13.
AG Finance will have a market capitalization of P500 million to P576 million after the IPO.
Proceeds will be used to expand its capital base, and for the repayment of loans signed with China Banking Corp.
AG Finance tapped BDO Capital and Investments Corp. as IPO underwriter.
Since its creation in 2001, AG Finance has been providing salary loans to regularized rank-and-file employees of reputable, medium-sized companies in the Philippines. In 2003, the firm expanded its market coverage to include overseas Filipino workers.
AG Finance now also caters to professionals and skilled workers needing immediate funds for deployment.
The firm offers salary and emergency loans for permanent employees ranging from P10,000 to P50,000 payable over 12 months via salary deduction, and OFW loans worth up to P50,000, payable over a 12- to 18-month period via post-dated checks.
It has 4,000 active borrowers as of end of the first quarter of 2013. – Rappler.com
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