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Real estate trust IPO receives SEC approval.

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The initial public offering (IPO) of a real estate investment trust sponsored by S.I. Power Corporation (SIPCOR) and Camotes Island Power Generation Corporation has received favorable consideration from the Securities and Exchange Commission (SEC) (CAMPCOR).

The commission en banc decided to make the registration statement of Premiere Island Philippines Holding Corporation, which will change its name to Premiere Island Power REIT Corporation (PREIT), effective at its meeting on November 10. This decision is contingent on the company meeting a few more requirements.

Up to 1.4 billion common shares priced at PHP 2 each, to be sold by SIPCOR and CAMPCOR, as well as up to 210 million common shares as part of the overallotment option, will be included in the offer.

In the event that the overallotment option is fully exercised, the net proceeds from the offer might amount to as much as PHP3.09 billion.

The Real Estate Investment Trust (REIT) Act of 2009’s updated implementing rules and regulations say that the selling stockholders will receive the full amount of the revenues, which must be invested back into the Philippines.

If the overallotment option is fully exercised, new investors will have 42.6% of the issued and outstanding common shares of PREIT, while SIPCOR and CAMPCOR will hold the remaining 57.4%.

According to the most recent schedule given to the SEC, PREIT plans to hold the IPO from November 25 to December 2 and make its debut on the Philippine Stock Exchange (PSE) on December 12.

China Bank Capital Corporation was hired by the business to serve as the offer’s sole issue manager, underwriter, and book-runner.

The participating underwriter will also be RCBC Capital Corporation.

As fund manager and property manager, respectively, VFund Management Inc. and VProperty Management Inc. have been chosen.

The Prime Asset Ventures, Inc.-led company PREIT is regarded as the platform for power and infrastructure REITs.

The initial property portfolio of the company is made up of land and power plant assets used in the power-generating projects of SIPCOR and CAMPCOR in Cebu and Siquijor, which have a total combined installed capacity of 21.2 megawatts.

As required by law, PREIT must pay out dividends equal to at least 90% of its annual distributable revenue.

According to generally accepted accounting principles, the company’s net income is adjusted for unrealized gains and losses, costs, impairment losses, and other items to determine the distributable income. It does not include the cash received from the sale of a REIT’s assets that is invested back into the REIT within a year of the transaction.

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