THE Philippine Stock Exchange, Inc. (PSE) has approved the initial public offering (IPO) application of Premiere Island Power REIT Corp. or Premiere REIT.
In a press release on Tuesday, the PSE said that it cleared the IPO of the power and infrastructure real estate investment trust platform of Villar-led Prime Asset Ventures, Inc. According to the preliminary offer dated Nov. 21, the selling shareholders expect to raise around P3.22 billion.
The IPO will be sold by the company’s sponsors — S.I. Power Corp. and Camotes Island Power Generation Corp. REITs are established to own income-generating real estate assets. All of the offer shares are expected to be listed on the main board of the PSE under the ticker symbol: PREIT. “REITs have become a popular asset class among investors in the last two and a half years,” PSE President and Chief Executive Officer Ramon S. Monzon said.
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