this story was taken from www.inq7money.net
URL: http://money.inq7.net/topstories/view_topstories.php?yyyy=2006&mon=06&dd=21&file=8
Posted: 2:09 AM | Jun. 21, 2006
Inquirer
ONLINE trading portal BayanTrade is considering a possible initial public offering (IPO) of stock early next year to raise as much as $5 million for an expansion into the US market, company president Dante Briones said. Briones said BayanTrade was studying a number of options to expand in the United States to offer technology solutions, including acquiring a US company or setting up a sales office.
He said the company's major stockholders were willing to sell up to 30 percent of their combined shareholdings as part of an IPO. BayanTrade was formed in 2001 by a consortium of six major Philippine companies: Philippine Long Distance Telephone Co., Ayala Corp, Aboitiz & Co., Benpres Holdings Corp., JG Summit Holdings Inc., and United Laboratories Inc.
"We were profitable in 2005 and there is no reason why we can't be profitable in 2006," Briones said. "We expect gross revenues to grow by 50-60 percent and profitability to grow by 200-300 percent this year." Briones added that he was in talks with prospective strategic partners in the United States to expand the company's market, but declined to give more details. Elizabeth L. Sanchez, with INQ7.net
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