Figaro Coffee Reduced IPO Price to P0.75 Per Share

A pioneering home-grown player in the Philippine coffee shop industry, Figaro Coffee Group Inc. has reduced its initial public offering to P0.75 per common share from its initial indicative price of P1.28 per share. Its offer period starts on 10 January 2021 and ends on 14 January 2021.

Prior to its public listing, Figaro is a wholly-owned subsidiary of Figaro Coffee Systems, Inc., which has at least 28 years of presence in the Philippine industry.

(Read the full report in Business Mirror.)

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PNB Distributes Stock Dividends on an Untraded Company

Publicly listed Philippine National Bank (PSE: PNB) disclosed on 28 December 2021 the distribution of stock dividends representing shares of an untraded holding company Philcomsat Holdings Corporation (PSE: PHC). PNB shareholders before 13 May 2021 will receive 0.156886919 shares of PHC for every 1 share of PNB held. However, records in PSE Edge indicate that PHC has not been traded since 4 January 2021. The company also has not declared any dividend at least in the last fiscal year. This means that PNB investors will be effectively buying into PHC without being able to sell these shares or receive any PHC dividend from it. In PHC’s 2020 Annual Report (SEC Form 17-A2020), PNB is not among the top 20 stockholders of PHC, indicating that these shares might have been accumulated by PNB from the conversion of PHC loan with PNB because it is unlikely that PNB bought it from the stock market in the last 12 months. (Sources: PSE Edge, PHC SEC Form 17-A2020)

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