THE SECURITIES and Exchange Commission has approved a P1.2-billion initial public offering (IPO) planned by commercial property developer Primark Properties Inc. this year.
Based on an official document, Primark was authorized to sell 704.46 million new common shares at a maximum price of P1.70 per share.
The company intends to use proceeds from this stock debut to complete construction of new town center projects and renovation of existing ones, fund future developments in other locations and cover general working capital purposes.
Primark is a company engaged in town center development for commercial leasing. Its name is a combination of the words “primary” and “market” reflecting its vision to “offer retail facilities to entrepreneurs that cater to the most immediate, basic and primary needs of the community, in a safe, comfortable and pleasant environment manned by professionally trained staff and retail sellers.”
Based on the company’s website, it has nine town centers located in the following areas: Silang, Cavite; Sta. Cruz, Laguna; Guagua, Pampanga; Quezon City, Metro Manila; Cabiao, Nueva Ecija; Echague Isabela; Sorsogon 1, Sorsogon City; Sorsogon 2, Sorsogon City and Sorsogon 3, Sorsogon City.
Five new Primark town centers are under construction in the following areas: Bambang, Nueva Vizcaya; Binmaley, Pangasinan; Cauayan, Isabela; Paliparan, Dasmariñas; and, Tuguegarao, Cagayan.
Primark was originally incorporated in 1996 was LKY Prime Builders Inc. It is part of the LKY group of companies which has interests in real estate development, construction, hotel operations, terminal operations and dry goods retailing.
The company is chaired by William Lee, 44, while the president is Bennison Lua, 45.
Based on a tentative offering timetable, which is still subject to approval from the Philippine Stock Exchange, Primark intends to conduct book-building and finalize offer price later this month and run the offering from April 4 to 8. Targeted listing date is on April 18 this year.