By Honey Madrilejos-Reyes
Reporter
PROPERTY developer Filinvest Land Inc. (FLI) has priced at P1.60 the 3.7 billion primary shares it would be selling to both foreign and domestic investors as part of its follow-on offering this month.
At this offer price, listed FLI is expected to generate gross proceeds amounting to P5.92 billion, which it intends to use for various development projects this year.
From the same selling price, FLI’s selling shareholder, Filinvest Alabang Inc. (FAI), will earn P2.72 billion from the disposal of 1.7 billion secondary shares.
“The offer price represents a 5.8-percent discount to the volume weighted average price of FLI’s shares on the stock market for the 10 trading days ending on January 19, of P1.69,” the company said in an issued statement Sunday.
Ninety-five percent of the 5.4 billion total shares offering were allocated to international investors while the balance of five percent have been reserved to the trading participants of the stock exchange.
There will also be an over-allotment option of up to 809,852,590 that the company may exercise in case of additional demand.
“The transaction is expected to close and the new shares are expected to be listed on the stock exchange on February 6. Trading is expected to commence on the same date,” the company said.
FLI earlier budgeted P5 billion in capital expenditure for 2007, of which, P3.7 billion is budgeted for its residential developments and P1.3 billion for office developments. These projects include the BPO building Northgate Cyberzone in Alabang, a condotel in Cebu and a mid-rise development in Metro Manila.
FLI started its international roadshow on January 7 to countries like Hong Kong, Singapore, London and some parts of the United States.
FLI, the residential property unit of the Gotianun holding firm Filinvest Development Corp. (FDC), is one of the country’s leading real estate developers, having developed over 1,800 hectares of land.
As of end September 2006, FLI’s consolidated net income amounted to P622 million, representing a 29-percent increase over the net income of P482 million in the same 2005 period.
Last year, FLI acquired substantial interests in three major properties in Metro Manila from FAI and FDC, namely, PBCom Tower, Festival Supermall and Northgate Cyberzone. The total consolidated assets of FLI as of end September 2006 stood at P40.9 billion.
Its projects include integrated residential township developments and stand-alone residential subdivisions, which offer lots and housing units to customers in the low-cost segment and in the middle-income and the high-end markets.
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