MAKATI CITY, PHILIPPINES — Mabuhay Vinyl Corp., the Philippines' leading producer of PVC resin, will go public Feb. 5.
A total of 656.97 million shares will be listed on the Philippine Stock Exchange at an initial price offering of 1.90 pesos (US$0.073) per share.
The Makati City firm's Chairman Ricardo P. Guevara said proceeds will be used to fund its 49 percent equity investment in Philippine Resins Industries Inc.
PRII will construct a 154 million pound-per-year PVC resin plant in Limay, which is on Manila Bay, west of Manila, with an initial investment of 1.82 billion pesos (US$70 million).
Its foreign partners include Misubishi Corp. and Tosoh Corp. of Tokyo.
The plant will use Toshoh's PVC manufacturing technology, and is scheduled to be completed by 1998.