Developer plans to go public

CEBU, Philippines - Homegrown developer AppleOne Properties is looking into going public as it seeks to professionalize its business.

President and CEO Ray Manigsaca said they had been taking initial steps for the planned initial public offering (IPO).

"There are a lot of things that have to be done on our part," the official told The FREEMAN in an interview last week.

"Coming from a 'mom and pop' business, there's a lot of changes to be done such as the corporate structure and all other aspects," the CEO said.

He said preparations had started a year ago but he added it's not yet definite as far as the launch of the IPO is concerned.

"We have to decide on going public. We had planned to have it next year but nothing is definite yet," he noted.

"We're doing everything to have our backroom [preparations] — to standardize," he added.

By that way, the company is ready once they decided to go list on the stock exchange in the future.

Manigsaca sees going public as an essential move to do as it will make the property company "more credible".

"It will make us more credible and professionalize the business and the succession as well," the company executive said.

The company is currently developing The Sheraton Cebu Mactan Resort which is targeted for completion in 2019 while The Residences at Sheraton Cebu Mactan Resort is scheduled to be completed the following year. The total project cost is estimated at around P4 billion.

Manigsaca had said the projects would boost local tourism and help enhance the quality of the hospitality industry in the region.

“In 2020, Cebu will be a major airport hub in the Asia Pacific with the expansion of the Mactan Cebu International Airport. Our vision is to be a significant part of the region’s tourism growth as well as developing leisure properties that will continue to attract both international and local travelers,” he said said. (FREEMAN)