Globe Asiatique gets SEC nod for IPO
Globe Asiatique gets the green light from Securities and Exchange Commission (SEC) for its planned initial public offering (IPO). The SEC approved the IPO of of Globe Asiatique Realty Holdings Corp. which is seen to raise up to P3.05 billion in fresh capital.
Globe Asiatique, on its statement filed with the SEC, said it will issue 136.36 million shares through a primary offering, with an overallotment option of up to 168.7 million shares. The price ranges from P6.50 to P10 apiece.
The shares that will be covered by the IPO would account for 15-26 percent of the issued and outstanding capital of the company. Aside from the public offering, the company is also selling 34.09 million shares through a secondary offering.
The company tapped the services of BDO Capital & Investment Corp. as its issue manager and lead underwriter for the public offering.
Globe Asiatique will use the funds from the IPO for the construction of GA Sky Suites and Corporate Tower in Quezon Avenue, which would be the tallest building along EDSA, and also several other residential subdivisions, as well as pay down of its bank loans.
The company has lined up housing projects in Bacolod, Subic, Mindoro and Angeles City, Pampanga to take advantage of the estimated shortage of 3.8 million housing units in the country, primarily in the socialized and low-cost housing category.
It has been working with the state-run Home Development Mutual Fund or Pag-Ibig Fund to provide end-user financing options to company’s clients.
March 20, 2010
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Tags: business news, Globe Asiatique, IPO, low-cost housing, money, Philippines, public offering, real estate, SEC, Securities and Exchange Commission, stocks · Posted in: Announcement, Corporations, economy, finance, Government, investments, IPO, Law, money, Opportunities, Philippine business news, Philippines, Stock Market
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