The Securities and Exchange Commission yesterday approved the application of leasing and financing firm Makati Finance Corp. (MFC) to sell 25-33.4 percent of its shares through an initial public offering at the Philippine Stock Exchange.
MFC was incorporated in 1966 under the name Makati Investment and Finance Co. It was initially involved in stock dealership functions, extension of credit lines and the acceptance of placements. In the mid-'70s, the company shifted to leasing and financing operations and is currently focused on two main loan products: consumer loans to medical professionals and factoring of receivables.
The SEC approved the registration of 18.6 million to 27.7 million common shares with a par value of P1 per share at a price range of P1.17-P1.50 per share, SEC documents showed.
