SEC CLEARS OFFERINGS BY CITICORE ENERGY REIT, FIGARO COFFEE GROUP, ARTHALAND
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The Securities and Exchange Commission (SEC) has considered favorably the initial public offerings (IPO) by Citicore Energy REIT Corp. (CREIT) and Figaro Coffee Group, Inc., as well as the preferred share offer by Arthaland Corporation.
Thank you for reading this post, don't forget to subscribe!In its meeting on November 16, the Commission En Banc resolved to render effective the registration statements of CREIT covering 6,545,454,004 common shares; Figaro Coffee Group of 5,011,005,003 common shares; and Arthaland covering up to 6 million series D preferred shares, subject to certain remaining requirements.
CREIT
CREIT is a real estate investment trust (REIT) sponsored by Citicore Renewable Energy Corporation (CREC) and Citicore Solar Tarlac 1, Inc.
The IPO will include up to 1,047,272,000 primary shares priced at up to P3.15 per share, plus 1,741,660,000 secondary shares to be offered by selling shareholder CREC, that has an oversubscription option of up to 418,339,000 shares. The shares will be listed and traded on the Main Board of the Philippine Stock Exchange (PSE).
CREIT expects to net up to P3.17 billion from the primary offer, which will be used for the acquisition of properties in Bulacan and South Cotabato.
Meanwhile, CREC will receive the entire proceeds from the secondary offer, which could amount to P6.61 billion, assuming the overallotment option is fully exercised. This shall be reinvested in the Philippines, pursuant to the Revised Implementing Rules and Regulations of Republic Act No. 9856, or the Real Estate Investment Trust Act of 2009.
New investors will corner 49% of CREIT’s issued and outstanding shares, while existing shareholders will retain 51%, assuming the full exercise of the overallotment option.
As mandated by law, CREIT shall redistribute to shareholders at least 90% of its annual distributable income as dividends. The distributable income refers to the company’s net income as adjusted for unrealized gains and losses/expenses and impairment losses, and other items in accordance with internationally accepted accounting standards. It excludes proceeds from the sale of the REIT’s assets that are reinvested in the REIT within one year from the date of sale.
The offering will run from November 26 to December 3, in time for the shares to be listed on the PSE on December 13, according to the latest timetable submitted to the SEC.
Formerly Enfinity Philippines Renewable Resources, Inc., CREIT aims to focus on income-generating renewable energy real estate properties, including land and properties used for harnessing power. The company owns the Clark Solar Power Plant operating on land leased from the Clark Development Corporation, pursuant to a 25-year lease which will expire in September 2039.
CREIT tapped Unicapital Inc. and BDO Capital & Investment Corporation as joint global coordinators for the offer. Unicapital will likewise serve as lead underwriter and issue manager. BDO Capital will serve as lead local underwriter alongside PNB Capital and Investment Corporation, while Investment & Capital Corporation of the Philippines will act as participating underwriter.
The company also engaged CIMB Investment Bank Bhd and CLSA Limited as international bookrunners.
FIGARO COFFEE GROUP
Figaro will offer to the public up to 1,260,000,000 common shares priced at up to P1.28 per share, with an overallotment option of up to 126,000,000 shares. The shares will be listed and traded on the Main Board of the PSE.
The company expects to net up to P1.69 billion from the offer, assuming the overallotment option is fully subscribed. Proceeds will be used for store openings and renovations, commissary expansion, debt repayment, IT infrastructure developments, and potential acquisitions.
The Liu-led company primarily operates restaurants, coffee shops, and refreshment parlors under the brands Angel’s Pizza, Figaro Coffee, Tien Ma’s, TFG Express, and Café Portofino. It currently owns a total of 90 stores across the five brands.
Figaro’s IPO is expected to run from December 16 to 22, with listing on the PSE scheduled for December 31, based on the latest timetable sent to the Commission.
Figaro engaged Abacus Capital & Investment Corporation, China Bank Capital Corporation and PNB Capital as joint issue managers, joint lead underwriters, and joint bookrunners for the offer.
ARTHALAND
Arthaland will offer to the public up to 4 million series D preferred shares with an offer price of P500 per preferred share, plus an oversubscription option of up to 2 million preferred shares.
The listed property developer expects to net up to P2.96 billion from the offer, assuming the oversubscription option is fully exercised. Proceeds from the follow-on offering will be used for the company’s redemption of its series B preferred shares, as well as to fund additional investments in its subsidiaries.
The preferred shares are expected to be listed on the PSE on November 29, based on the latest timetable submitted to the SEC.
Arthaland engaged BDO Capital as the sole issue manager, lead bookrunner, and lead underwriter for the offer. =END=
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