SEC approves Figaro, Arthaland, CREIT stock offers

Published November 17, 2021, 3:50 PM

by James A. Loyola

The Securities and Exchange Commission (SEC) has approved three public share offerings — Figaro Coffee Group, Inc., Citicore Energy REIT Corp. (CREIT) and, Arthaland Corporation — worth almost P15 billion.

Figaro initial public offering will consist of up to 1.26 billion common shares priced at up to P1.28 per share, with an overallotment option of up to 126,000,000 shares. The shares will be listed and traded on the Main Board of the PSE.

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The company expects to net up to P1.69 billion from the offer, assuming the overallotment option is fully subscribed.

Proceeds will be used for store openings and renovations, commissary expansion, debt repayment, IT infrastructure developments, and potential acquisitions.

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The Liu-led company primarily operates restaurants, coffee shops, and refreshment parlors under the brands Angel’s Pizza, Figaro Coffee, Tien Ma’s, TFG Express, and Café Portofino. It currently owns a total of 90 stores across the five brands.

Figaro’s IPO is expected to run from December 16 to 22, with listing on the PSE scheduled for December 31.

Figaro engaged Abacus Capital & Investment Corporation, China Bank Capital Corporation and PNB Capital as joint issue managers, joint lead underwriters, and joint bookrunners for the offer.

Arthaland will offer to the public up to 4 million series D preferred shares with an offer price of P500 per preferred share, plus an oversubscription option of up to 2 million preferred shares.

Net proceeds of up to P2.96 billion 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, based on the latest timetable submitted to the SEC.

CREIT is a real estate investment trust (REIT) sponsored by Citicore Renewable Energy Corporation (CREC) and Citicore Solar Tarlac 1, Inc.

Its IPO will include up to 1.05 billion primary shares priced at up to P3.15 per share, plus 1.74 billion secondary shares to be offered by selling shareholder CREC, that has an oversubscription option of up to 418.34 million shares.

CREIT expects to net up to P3.17 billion from the primary offer, which will be used for the acquisition of properties in Bulacan and South Cotabato.

Meanwhile, CREC will receive the entire proceeds from the secondary offer, which could amount to P6.61 billion, which will be reinvested in the Philippines.

 
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