MANILA - GT Capital Holdings Inc. on Wednesday said it raised P12 billion from the issuance of preferred shares.
The issue was nearly seven times oversubscribed with total orders amounting to P55.1 billion, the company told the stock exchange.
"GT Capital's initial perpetual preferred share issue received very warm reception from various investors, as indicated by its oversubscription and tight pricing," GT Capital president Carmelo Maria Luza Bautista said.
Proceeds from the preferred shares offering will be used to refinance short-term loans and to fund possible acquisitions in financial services and infrastructure, GT Capital said.
Out of the P12 billion raised, P7.5 billion will be allocated for repayment of loans while P4.4 billion will be allotted for strategic acquisitions, it added.
GT Capital shares were down 2.48 percent to P1,337.00 on Wednesday.