Listed developer Empire East Land Holdings, Inc. (ELI) disclosed that it was able to raise Php 2.695 billion from its recently concluded 1:4 stock rights offer held last October 8 to 12.
The company was also able to earn the corporate regulator’s approval to increase its authorized capital stock by Php10 billion. Empire East added that the money raised would be allocated for capital and development expenditures.
Current sales agents are excited about this new developments in the company which they say are now inside their leather briefcase both literally and figuratively.
After the stock rights offer, the company now has a total of 13,476,199,167 issued and outstanding common shares, and an authorized capital stock of Php33.495 billion consisting of 31.495 billion common shares and 2 billion preferred shares.