November 19, 2021

SEC has approved Citicore and Figaro’s initial public offerings, as well as Arthaland’s share offering.

The Securities and Exchange Commission (SEC) has approved Citicore Energy REIT Corp. (CREIT) and Figaro Coffee Group, Inc.’s initial public offers (IPOs), as well as Arthaland Corporation’s preferred share offering.

The Commission en banc decided on November 16 to make the registration statements of CREIT, which covers 6,545,454,004 common shares, Figaro Coffee Group, which covers 5,011,005,003 common shares, and Arthaland, which covers up to 6 million series D preferred shares, effective, subject to certain conditions.

CREIT

Citicore Renewable Energy Corporation (CREC) and Citicore Solar Tarlac 1, Inc. sponsor CREIT, a real estate investment trust (REIT).

The IPO will contain up to 1,047,272,000 primary shares priced at up to PHP3.15 per share, as well as 1,741,660,000 secondary shares offered by selling shareholder CREC, which has a 418,339,000 share oversubscription option.

The shares will be listed and traded on the Philippine Stock Exchange’s Main Board (PSE).

The primary offer is expected to bring CREIT up to PHP3.17 billion, which would be used to purchase properties in Bulacan and South Cotabato.

Meanwhile, assuming the overallotment option is fully exercised, CREC will get the entire proceeds from the secondary offer, which could total PHP6.61 billion.

According to the updated implementing rules and regulations of Republic Act No. 9856, or the Real Estate Investment Trust Act of 2009, this will be reinvested in the Philippines.

If the over-allotment option is fully exercised, new investors would own 49 percent of CREIT’s issued and outstanding shares, while existing shareholders will own 51 percent.

CREIT must disperse at least 90% of its annual distributable revenue as dividends to shareholders, as required by law. The company’s net income, adjusted for unrealized gains and losses/expenses, impairment losses, and other items in accordance with internationally accepted accounting rules, is referred to as distributable income.

It does not include proceeds from the sale of the REIT’s assets that are re-invested in the REIT within one year after the sale.

According to the latest timeline given to the SEC, the offering would run from November 26 through December 3, in time for the shares to be listed on the PSE on December 13.

CREIT, formerly Enfinity Philippines Renewable Resources, Inc., focuses on income-generating renewable energy real estate properties, such as land and power-harvesting facilities.

The Clark Solar Power Plant is owned by the corporation and is located on land leased from the Clark Development Corporation for a 25-year term that will end in September 2039.

Figaro Coffee Group is a coffee company based in Italy.

Figaro will offer up to 1,260,000,000 common shares to the public, with an overallotment option of up to 126,000,000 shares, at a price of up to PHP1.28 per share. The shares will be listed on the PSE’s Main Board and traded there.

If the over-allotment option is fully subscribed, the business expects to earn up to PHP1.69 billion from the offering.

The money raised will go toward store openings and renovations, commissary expansion, debt repayment, IT infrastructure development, and prospective acquisitions.

Angel’s Pizza, Figaro Coffee, Tien Ma’s, TFG Express, and Café Portofino are the names of the Liu-led company’s restaurants, coffee shops, and refreshment parlors. It presently owns 90 outlets under five different labels.

According to the latest timeline given to the commission, Figaro’s IPO would take place from December 16 to 22, with a PSE listing slated for December 31.

Arthaland

Up to 4 million series D preferred shares will be offered to the public at a price of PHP500 per preferred share, with an oversubscription option of up to 2 million preferred shares.

If the oversubscription option is fully exercised, the listed property developer expects to earn up to PHP2.96 billion from the offering.

The proceeds of the follow-on offering will be used to redeem the company’s series B preferred shares and fund new investments in its subsidiaries.

According to the most recent timeline given to the SEC, the preferred shares are expected to be listed on the PSE on November 29.

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