SEC clears 3 public offerings

MANILA, Philippines — Corporate regulators announced Wednesday they cleared three public offerings cumulatively worth over P14 billion, as companies continue to raise cash amid the pandemic.

In a statement, the Securities and Exchange Commission said it approved the planned share sale of Citicore Energy REIT Corp. (CREIT), Figaro Coffee Group Inc. and Arthaland Corp.

CREIT — a real estate investment trust (REIT) company sponsored by Citicore Renewable Energy Corp. (CREC) and Citicore Solar Tarlac 1 Inc. — is planning to sell up to 1 billion primary shares at P3.15 each. CREIT expects to net up to P3.17 billion from the primary offer, which the company will use to expand its portfolio and buy properties in Bulacan and South Cotabato.

Also part of the REIT firm’s offer is the sale of 1.7 billion secondary shares held by CREC, which has an oversubscription option of up to 418.3 million more stocks in case of robust investor demand. Proceeds from the secondary offer could amount to P6.61 billion and will directly go to CREC. This, in turn, will be used to reinvest in CREIT.

The offering will run from November 26 to December 3, in time for the shares to be listed on the Philippine Stock Exchange on December 13, according to the latest timetable submitted to the SEC.

Meanwhile, Figaro will embark on a maiden share sale of up to 1.3 billion common shares at P1.28 each. The company behind Figaro Coffee shops and Angel’s Pizza may sell 126 million more shares if there’s great investor appetite for its initial public offering, which could rake in up to P1.69 billion in proceeds.

Figaro is planning to use the fresh capital to open more stores and renovate existing ones. The firm will also expand its commissary and pay old debts. The IPO is expected to run from December 16 to 22, with listing on the PSE scheduled for December 31.

Lastly, Arthaland will offer 4 million series D preferred shares at a price of P500 each, plus an oversubscription option of up to 2 million preferred shares.

The listed property developer expects to net up to P2.96 billion from the offer, assuming the oversubscription option is fully exercised. Proceeds from the follow-on offering will be used for the company’s redemption of its series B preferred shares, as well as to fund additional investments in its subsidiaries.

The preferred shares are expected to be listed on the PSE on November 29.