Microfinance firm sets IPO this month
By Doris C. Dumlao
Philippine Daily Inquirer
5:23 pm | Friday, July 5th, 2013
MANILA, Philippines—AG Finance Inc. has obtained approval from the
Securities and Exchange Commission to embark on an initial public
offering (IPO) worth as much as P149.76 million.
Based on a registration statement approved by the SEC, AG Finance, which
provides microfinance and consumer loans, including those targeting
overseas Filipinos, plans to offer up to 68.07 million shares at a price
range between P1.91 and P2.20 per share.
The offering will bring to public hands about 26 percent of the
company's post-IPO stock. Mandated as issue manager and lead underwriter
is Banco de Oro Unibank's investment banking unit BDO Capital &
Investment Corp.
AG Finance's offering is targeted to run from July 29 to August 2 this
year. IPO price will be finalized by July 24. Its shares are targeted
for listing on the first board of the Philippine Stock Exchange on August 9.
Proceeds will be used to finance the company's professional and skilled
overseas Filipino worker loan portfolio expansion program. About P47
million is targeted for additional disbursement for 2013 through 2014. A
portion of the IPO proceeds will also be used to repay outstanding loans
with China Bank amounting to P37 million that are maturing this month.
As of end-March this year, AG Finance had P280.9 million in loans and
receivables out of P344 million in assets. It has an authorized capital
stock of P550 million.
The microfinance firm, led by Tony King, was established in 2011 to
provide short-term, unsecured credit facilities to permanent
rank-and-file employees of reputable medium-sized companies in the
Philippines. In 2003, AG Finance expanded its market coverage to include
professionals and skilled workers in North America and the Middle East.
AG Finance has since then established operations in 20 countries
targeting overseas Filipinos, with concentration in Australia, Canada
and Middle East. It has 4,000 active borrowers at present.
The microfinance firm provides salary and emergency loans amounting to
P10,000- P50,000 payable over 12 months via salary deductions.
Loans to overseas Filipinos amount to P50,000 and up payable over 12 to
18 months via post-dated checks.
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