SEC approves DMCI’s Php1-B home saver bonds

By Leslie D. Venzon

MANILA, Sept. 25 (PNA) — The Securities and Exchange Commission (SEC) has approved the plan of DMCI Holdings Inc. (DMC) to issue up to Php1 billion worth of deferred coupon-paying home saver bonds.

The offer aims to assist retail investors in accumulating savings to be used as down payment for a DMCI Homes Unit. It targets to benefit the low to middle-income market segment.

Its subsidiary DMCI Project Developers, Inc. will initially offer Php500 million and the remaining Php500 million to be issued under shelf registration within one year.

Proceeds of the bond issuance will fund the company’s working capital and general corporate purposes, such as the marketing and administrative expenses.

The bonds will be offered, distributed and sold by the underwriter.

DMCI is a listed holding company engaged in construction business, mining, and power. (PNA)