The Securities and Exchange Commission (SEC) has approved the public offerings of securities by Philippine Stock Index Fund Corp. (PSIF) and Cityland, Inc. worth a total of P50.8 billion.
The Commission En Banc resolved to render effective the registration statements of PSIF covering up to P50 billion of units of participation and Cityland for up to P815 million worth of commercial papers, subject to the companies’ compliance with certain requirements.
PSIF will offer up to 50 billion units of participation at an initial price of P1 each. The fund will invest the proceeds in securities comprising the Philippine Stock Exchange Composite Index for capital appreciation, which will in turn benefit unitholders.
BPI Investment Management Inc. (BIMI) will serve as the fund manager, principal distributor, investment advisor, and transfer agent for the offer.
The units will be offered to the public through the fund’s authorized distributors, namely Affinity Capital Corp., BPI Capital Corporation, BIMI, Citicorp Financial Services and Insurance Brokerage Philippines, Inc., COL Financial Group, Inc., First Metro Securities Brokerage Corporation, Wealth Securities, Inc., and Unicapital Securities, Inc., as well as other authorized and accredited distribution firms.
Meanwhile, Cityland will offer commercial papers which will have a term not exceeding one year. The securities will be offered through the property developer’s authorized salesmen duly licensed by the Commission.
Cityland expects to net about P808.17 million from the offer. The proceeds will partially finance the construction of a 27-story commercial and residential condominium project, which the company launched in October 2018 and expects to complete in June 2022, as well as future projects and maturing debt.