Steniel raising up to P315 million through FOO

MANILA, Philippines — Steniel Manufacturing Corp. is planning to raise as much as P315 million through a follow-on offering (FOO).

In a stock exchange filing, Steniel said it intends to offer of up to 157.65 million primary common shares to investors at a price of P1.80 to P2 apiece.

The firm did not disclose the details of the planned FOO.

Steniel and its subsidiaries are engaged in the manufacturing, processing and selling of all kinds of paper products, paperboard and corrugated carton containers.

Last April, the PSE lifted the nearly two-decade long trading suspension of the company following its submission of the structured reportorial requirements and compliance with the requirements of the exchange’s rules.

The PSE implemented a trading suspension on the shares of Steniel back in July 6, 2006 after its shareholders on July 5, 2006 approved the filing of borrower-initiated petitions for rehabilitation.

At the time of the filing of the said petitions, Steniel said it lacked liquidity but had assets that can adequately cover its liabilities.

From 2007 to 2009, Steniel said petitions for corporate rehabilitation were filed with different regional trial courts, which were all dismissed in 2009.

In 2019, Steniel’s negative stockholders’ equity was resolved with the approval by the SEC of the company’s application for increase of capital stock.

Last October 2023, Steniel Netherland Holdings B.V and Greenkraft sold 130.94 million shares for purposes of complying with the minimum public ownership requirement of at least 20 percent of the company’s outstanding capital stock.