Tubig Pilipinas eyes P1.8 billion from follow-on share offer

MANILA, Philippines — Water infrastructure and utility company Tubig Pilipinas Holdings Inc. is planning a fundraising initiative next year, aiming to raise P1.8 billion through a follow-on share offering as early as January. The company's president, Ryan Yapkianwee, told reporters that the funds would be used to finance ongoing and upcoming projects, as well as acquire assets from other companies.

This move would enable Tubig Pilipinas to continue supporting its Bataan and Cebu projects, as well as complete a bulk water project in Talisay City, Cebu, which will provide around 50 million liters of water per day to the local community. The follow-on offering was initially scheduled last month, but Yapkianwee explained that their advisors suggested rescheduling it to January due to the highly anticipated initial public offering of GCash's parent company, Mynt Inc. By issuing additional shares, Tubig Pilipinas will also meet the 20 percent public float requirement set by regulators.