The Securities and Exchange Commission announced it has approved the initial public offering (IPO) of a real estate investment trust (REIT) sponsored by S.I. Power Corp. (Sipcor) and Camotes Island Power Generation Corp. (Campcor). Know more:
THE Securities and Exchange Commission announced it has approved the initial public offering of a real estate investment trust sponsored by S.I. Power Corp. and Camotes Island Power Generation Corp. .
The offer will include up to 1.4 billion common shares priced at P2 per share, to be sold by Sipcor and Campcor, plus up to 210 million common shares as part of the overallotment option. Assuming the full exercise of the overallotment option, new investors will corner 42.6 percent of the issued and outstanding common shares of PREIT, while Sipcor and Campcor will retain a 57.4 percent interest. Preit intends to conduct the IPO from November 25 to December 2 and debut on the PSE on December 12, based on the latest timetable submitted to the SEC.
VFund Management Inc. and VProperty Management Inc. have been tapped as fund manager and property manager, respectively.
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