SEC oks Tiu hydropower IPO, Filinvest condotel offer
MANILA -Repower Energy, the hydropower arm of businessman Dexter Tiu-led Pure Energy Holdings Corp., received the go signal for its P1.15-billion initial public offering (IPO) from the Securities and Exchange Commission (SEC).
In a statement on Monday, the SEC said the energy company was set to offer 200 million common shares with an overallotment option of up to 30 million common shares. The IPO is priced at P5 per stock.
Subject to further approval by the Philippine Stock Exchange, the offering period is targeted to run on June 5 to June 14. The shares are expected to be listed on June 23.
From this transaction, Repower is estimated to receive net proceeds of P949.5 million.
The funding will be used for hydropower projects, development and/or acquisition of renewable energy projects and working capital needs.
China Bank Capital Corp. is the sole issue manager, lead underwriter and sole bookrunner for the IPO.
Repower currently has six hydropower plants with a combined capacity of 10.146 megawatts.
Meanwhile, the SEC also approved Fora Services’ public offering of 164 certificates of participation in its Quest Hotel Tagaytay Project, which will be operated and managed as a condotel.
Fora Services is a subsidiary of Filinvest Hospitality Corp., a unit of listed Filinvest Development Corp.
The certificates, SEC said, would be offered and sold exclusively to the buyers of the condotel’s 164 rooms.
