The Gokongwei family’s Cebu Air Inc., operator of budget airline Cebu Pacific, said an almost P12.5-billion share sale partly aimed at weathering the impact of the COVID-19 pandemic has been moved to March.
The company said in a stock exchange filing on Thursday the offer period would now run from March 3 through March 9 this year. It was previously set from Feb. 26 to March 4.
The company is offering convertible preferred shares to existing stockholders, otherwise known as a rights offering.
The conversion price would range from P38 to P45 per share although the final price was targeted to be set on Feb. 15. Cebu Air rose 0.8 percent to P50.40 per share on Thursday’s close.
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Keep on reading: Cebu Pacific operator moves crucial P12.5-B share sale to March