Close  
  • share this

DM Wenceslao’s P22B IPO ok’d

/ 04:58 PM November 06, 2015

THE SECURITIES and Exchange Commission has approved a stock market debut worth as much as P21.7 billion planned by 40-year-old construction and infrastructure group DM Wenceslao and Associates Inc. (DM).

DM was given authority to offer 429.17 million in new common shares for as much as P44 per share, allowing the company to raise P18.88 billion in fresh funds, based on a document from the SEC.

ADVERTISEMENT

The company has also earmarked 64.375 million shares as an option to upsize the offer in case of strong demand.

Incorporated in the Philippines in 1965. D.M. is engaged in the building and contracting businesses as well as related activities such as acting as specialty construction contractors, supervisors and managers in construction alongside real estate and leasing businesses.

FEATURED STORIES

To date, it has completed more than 100 land reclamation and construction projects and developed three commercial buildings in Aseana City.

DM is 78.6-percent owned by Wendel Holdings Co. Inc. and 21.3 percent held by Delfin J. Wenceslao Jr., the company’s 72-year-old chair, president and director.

Subject to a transition period of three years from the listing Date, the company intends to maintain an annual cash dividend payout ratio of 30 percent of its audited consolidated net income for the preceding fiscal year subject to compliance with the requirements of applicable laws and regulations and outstanding loan facilities.

BPI Capital Corp. and Maybank ATR Kim Eng Capital Partners are mandated as the domestic underwriters while CLSA Ltd., Deutsche Bank and Maybank Kim Eng Securities Pte. are the international underwriters.

The company intends to use a majority of net proceeds from the offering to fund pipeline projects and obtain land assets. The company also intends to fund the development of infrastructure within Aseana City and for general corporate purposes.

For the year ended 2014, DM earned P338.5 million in net profit attributable to equity holders compared to P206.6 million in 2013 and P45.9 million in 2012. Revenues surged to P769.3 million in 2014 compared to P539.7 million in the previous year.

In the first semester of this year , net profit amounted to P536.7 million compared to P35.8 million in the previous year.

ADVERTISEMENT

Read Next
LATEST STORIES
MOST READ
Don't miss out on the latest news and information.
View comments

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: Aseana City, DM Wenceslao & Associates Inc., IPO
For feedback, complaints, or inquiries, contact us.
newsinfo

SC hit for approving third martial law extension

February 20, 2019 07:24 AM

newsinfo

‘Rights abuse to worsen if UN delists disappeared’

February 20, 2019 07:23 AM

newsinfo

PUV operators must pay fee to carry poll ads

February 20, 2019 07:22 AM




© Copyright 1997-2019 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.