MANILA, Philippines – Property developer Sta. Lucia Land Inc. (SLI) has deferred a follow-on offering (FOO) or re-initial public offering of shares worth P8.4 billion, citing “volatile” market conditions.
The decision to defer the FOO was made upon further consideration and extensive discussions between SLI and China Bank Capital, issue manager, underwriter and bookrunner, SLI disclosed to the Philippine Stock Exchange on Tuesday.
The 23-year-old property developer filed with the Securities and Exchange Commission (SEC) last August a prospectus for the offering of up to 2.7 billion primary shares plus an extra allotment of up to 300 million shares in case of excess demand.
The fresh capital was to be used to fund capital expenditures for ongoing projects, strategic land banking and other general corporate purposes. /gsg