By Zinnia B. Dela Peña
The Philippine Star 12/28/2006
Gotianun-owned property firm Filinvest Land Inc. (FLI) has set the international roadshow for its planned share offering on Jan. 9-20.
In a disclosure filed with the Philippine Stock Exchange, FLI said it will sell as much as 7.33 billion common shares at a price to be set on Jan. 22. Of the total, 95 percent or 6.96 billion shares will be offered to international investors.
The offer price will be determined based on a maximum discount of 10 percent on the volume weighted average trading price of its shares for certain trading days prior to the pricing date. FLI shares were last traded at P2 each.
Of the total offer, 3.7 billion are new shares scheduled for listing on Feb. 6. Thus, trading in FLI shares will be halted from Jan. 22 to Feb. 5.
UBS Investment Bank is the sole international underwriter and bookrunner while ATR Kim Eng Capital Partners Inc. is the domestic underwriter.
FLI has set aside 809.85 million shares for over-allotment in case demand exceeds the size of the offering.
The shares to be issued will come from FLI's increase in capital stock from P16 billion to P33 billion, consisting of 41 billion shares of which 33 billion are common shares with a par value of P1 and eight billion are voting, cumulative and non-redeemable preferred shares with a par value of one centavo.
Proceeds from the offering will be used to fund FLIs projects next year. The company has earmarked P2.1 billion for its capital expenditures in 2007, most of it for the development of its real estate properties. Of the amount, P1.1 billion will go to land development, P700 million for the construction of houses, P200 million for land purchases and/or advances to land-owning joint venture partners while the remaining P100 million for the refurbishment of facilities.
FLI is one of the largest real estate developers in the country with an asset base of P28 billion and an equity of P18 billion as of end-December 2005.
The Filinvest Group has been in residential and commercial development for over 50 years and has developed close to 1,800 hectares of land into homes for over 100,000 families, as well as over 400,000 square meters of office/commercial/high-rise residential space. The group also has interests in banking and finance.
No comments:
Post a Comment