MANILA, Philippines – Town mall developer Philippine Primark Properties Inc. obtained the green light from the Securities and Exchange Commission to proceed with its planned P1.2 billion initial public offering (IPO).
According to its registration statement filed with the corporate regulator, Primark (formerly LKY Group) will offer 704.46 million primary shares at P1.70 per share.
Of the net proceeds, P867 million will go to the construction of town centers, targeted to be disbursed in the first half of the year.
About P158 million will be used for future locations of projects and general working purposes for the year.
These include town malls in Paliparan, Cavite (10,371 square meters); Cauayan, Isabela (8,536 sqm); Arayat, Pampanga (6,125 sqm); Binmaley, Pangasinan (3,541 sqm); Antipolo, Rizal (3,129 sqm); Teresa, Rizal (2,883 sqm); and Munoz, Nueva Ecija, (5,423 sqm).
Based on the tentative timetable of the offer, pricing for the shares will be finalized on March 29 while the offering will commence on April 4 until 6. The listing of the shares has been set on April 18.
The company was incorporated on Aug. 7, 1996 as LKY Prime Builders Inc. to primarily engage in general construction and other allied businesses.
Primark is part of a larger group of companies engaged in real estate development, construction, hotel operations, terminal operations and dry goods retail.