fbpx

HOUSE facing 23.2B debt repayment hires new external auditor

8990 Holdings (HOUSE) disclosed on 26 February 2021 that it has appointed Ramon F. Garcia & Company as its new independent external auditor for the fiscal year 2020. Ramon F. Garcia & Company replaced Punongbayan & Araullo as HOUSE’s independent external auditor. HOUSE said that the change in external auditor was made in pursuance to its policies on good corporate governance.

As of 08 April 2021, HOUSE has not yet released its audited financial results for the year 2020. As of 30 September 2020, HOUSE disclosed in its balance sheet as current liabilities – loans payable of 14.8 Billion and 8.4 bonds payable for a total of 23.2 Billion. HOUSE had a cash balance as of 30 September 2020 of only 722.4 Million. For the nine-month period ending 30 September 2020 HOUSE burned 2.4 Billion of cash on operating activities.

Recently, HOUSE successfully raised 3.7 Billion from a follow-on offering of preferred shares which were listed on the Philippine Stock Exchange under the ticker 8990B. China Bank (CHIB) Capital acted as the sole issue manager, lead underwriter and sole bookrunner for the transaction. 8990B yields 5.5% at par. With the new issuance, HOUSE has now two publicly traded preferred shares: 8990P yielding 6.0263% at par and 8990B yielding 5.5% at par. Dividends for those preferred for the year has already been declared and set by HOUSE. 8990B and 8990P are both trading above par.

You may follow our views and commentaries in Google News in the web or in the Google News app. Just search accuretti.com in Google News (or click this link). Then click the star to follow.

Leave a Reply

%d bloggers like this: