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A Brown Company, Inc. taps equities market for capital requirements

A Brown Company, Inc. (BRN) tapped the equities market for its capital requirements and raised Php1.33 billion from the issuance of Series A preferred shares. This is the first public offering of the company since its market debut in 1994. The preferred shares, which trade using the ticker BRNP, were listed at The Philippine Stock Exchange, Inc. (PSE) on Monday, November 29.

Proceeds from the follow-on offering (FOO) will be used by the company for its real estate projects, land banking and for the construction and expenses related to the E-Beam Irradiation Facility of its subsidiary, Irradiation Solutions, Inc. (ISI).

In his welcome message during the listing ceremony, PSE President and CEO Ramon S. Monzon expressed optimism that work on BRN’s ongoing property developments will be accelerated and completed in no time with the funds raised from the FOO. Mr. Monzon also cited the company’s initiative in establishing the first commercial irradiation facility in the country. “Once operational, this facility will be beneficial to those in the food sector, especially exporters whose products pass through stringent quality tests.”

Photo 1 (from left, by row): BRN President and CEO Robertino E. Pizarro, PSE COO Atty. Roel A. Refran; BRN Director Annabelle P. Brown, BRN Chairman Dr. Walter W. Brown, PSE President and CEO Ramon S. Monzon, PSE Issuer Regulation Division Head Atty. Marigel B. Garcia; PNB Capital and Investment Corporation President Gerry B. Valenciano, BRN CFO Marie Antoinette U. Quinito, BRN Vice President Paul Francis B. Juat and Securities Clearing Corporation of the Philippines COO Renee D. Rubio.

Photo 2 (from left, by row): BRN Chairman Dr. Walter W. Brown, PSE President and CEO Ramon S. Monzon, PSE Chairman Jose T. Pardo, BRN President and CEO Robertino E. Pizarro; BRN Independent Director Thomas G. Aquino, PSE Directors Wilson L. Sy, Chief Justice Teresita Leonardo de Castro (ret.), Ferdinand K. Constantino, and Diosdado M. Arroyo, BRN Director Jun Hou; BRN Treasurer Renato N. Migrino, BRN Corporate Secretary Atty. Jason C. Nalupta, PSE General Counsel Atty. Veronica V. Del Rosario, BRN Assistant Vice President Luis G. David, BRN Independent Director Elpidio M. Paras, Philippine National Bank President Jose Arnulfo A. Veloso; PSE Finance Division Head Roberto Jose R. Jimenez, PSE  Capital Markets Development Division Head Mark Frederick V. Visda, PNB Capital and Investment Corporation SAVP Jose Eduardo de Rivera, PNB Capital and Investment Corporation Deal Team Head Bernadette D. Caacbay, and BRN Assistant Corporate Secretary and Picazo Law Partner Atty. Daniel Winston Tan Chi.

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