MANILA, Philippines -- Property developer Anchor Land Holdings Inc. hopes to get as much as P700 million from an initial public offering (IPO) of stock, possibly in the third quarter, company president Steve Li said.
He said AnchorLand would use the proceeds to increase its land bank and fund existing projects.
“We are looking at acquiring additional properties in Manila,” he said in an interview as the company unveiled a residential project aimed at high-end buyers from the city’s Chinatown area Binondo.
He said the company applied for an IPO with the Securities and Exchange Commission and the Philippine Stock Exchange early this week and he expected to get approval in the coming weeks.
AnchorLand would raise P400-P700 million from the share sale, he said. He did not disclose what percentage of outstanding stock would be made available.
Li said the company, owned by Chinese-Filipino shareholders whom he declined to identify, focused mainly on developing residential projects in Manila. He said he believed the heart of Manila remained underserved.Daxim Lucas, with INQUIRER.net
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