Steniel Manufacturing board approves follow-on offering plan
The Steniel Manufacturing [STN 1.84 unch; 23% avgVol] [link] board of directors held a special meeting to confirm the company’s authority to conduct a follow-on offering (FOO). The company said that it plans to sell up to 157,647,919 common shares at a price range of P1.80 to P2.00/share, to raise between P284 million and P315 million. STN has a free float level of 22.27% with approximately 1.4 billion issued and outstanding common shares. The current plan would increase STN’s public float to 30% and increase the company’s outstanding shares by around 11%.
