SEC approves DM Wenceslao plan to sell shares
THE SECURITIES and Exchange Commission has approved the plan of 40-year-old construction and infrastructure group DM Wenceslao and Associates Inc. (DM) to debut on the stock market with an offering worth as much as P21.7 billion.
DM was authorized to sell to the public 429.17 million 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.
The company also plans to sell 64.375 million secondary shares in case of excess demand.
Once completed, the offering will bring to public hands 20-23 percent of DM’s equity.
Incorporated in the Philippines in 1965, DM 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.
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.
BPI Capital Corp. and Maybank ATR Kim Eng Capital Partners were appointed domestic underwriters while CLSA Ltd., Deutsche Bank and Maybank Kim Eng Securities Pte. were named international underwriters for this offering.
In the first of this year, DM Wenceslao earned a profit of P536.7 million, compared to P35.8 million in the same period last year.
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