Developer’s P1.2-B IPO gets SEC nod

The Securities and Exchange Commission (SEC) has approved a P1.2-billion initial public offering (IPO)  planned this year by Primark Properties Inc., developer and operator of a chain of community-based shopping centers.

Based on an official document, Primark was authorized to sell 704.46 million new common shares at a maximum price of P1.70 each.

This will bring to public hands about 26 percent of the company’s post-IPO capitalization.

Primark intends to use the proceeds from this stock debut to complete this year the construction of new town center projects and renovation of existing ones, fund future developments in other locations and cover general working capital purposes.

The company’s 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 Silang, Cavite; Sta. Cruz, Laguna; Guagua, Pampanga; Quezon City; Cabiao, Nueva Ecija; Echague, Isabela; Sorsogon 1, Sorsogon City; Sorsogon 2, Sorsogon City, and Sorsogon 3, Sorsogon City.

New Primark town centers are under construction in Bambang, Nueva Vizcaya; Binmaley, Pangasinan; Cauayan, Isabela; Paliparan, Dasmariñas, and Tuguegarao, Cagayan.  Doris Dumlao-Abadilla