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Cebu Pacific lists convertible preferred shares at PSE, raises P12.49 billion

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In a disclosure to the stock exchange, the airline said it was able to raise P12.49 billion from existing shareholders reflecting the belief of investors in the company's long term prospects and its 'vital role' in economic recovery.

MANILA - Cebu Pacific said Monday it has listed convertible preferred shares in the Philippine Stock Exchange at P1.00 per share on the back of its successful stock rights offer.

Funds raised will be used to strengthen its balance sheet "and ensuring it has sufficient runway to thrive in the new normal," it said. "The hard work our team puts in every day - despite all challenges, the strategies we have put into play long before this pandemic started, and the changes we have implemented in our company, will enable us to continue our dream - for everyJuan to fly," he added.

 

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