The Securities and Exchange Commission (SEC) has approved the planned initial public offerings (IPO) of VistaREIT, Inc. of up to P9.18 billion and of Raslag Corporation worth up to P700 million.
The Commission En Banc has resolved to render effective the registration statements of VistaREIT and Raslag covering 7.5 billion common shares and 1.5 million common shares, respectively, subject to the companies’ compliance with certain remaining requirements.
VistaREIT is a real estate investment trust (REIT) sponsored by Villar-led companies, namely Masterpiece Asia Properties, Inc., Manuela Corporation, Vista Residences, Inc., Crown Asia Properties, Inc., and Communities Pampanga, Inc.
The company will offer up to 3.34 billion common shares at a price of up to P2.50 per share, with an overallotment option of up to 333.75 million common shares.
The shares, which are currently owned by the sponsors, will be listed and traded on the Main Board of the Philippine Stock Exchange (PSE). Assuming the overallotment option is fully exercised, VistaREIT will net P8.79 billion from the offer.
The sponsors will receive the entire proceeds of the offer, which shall be reinvested in the Philippines, pursuant to the Revised Implementing Rules and Regulations of the Real Estate Investment Trust (REIT) Act of 2009.
New investors will corner 48.95 percent of VistaREIT’s issued and outstanding common shares, while existing shareholders will retain the remaining 51.05 percent, should the company exercise the oversubscription option.
VistaREIT expects to conduct the IPO from May 10 to 16 and debut on the PSE on May 26, based on the latest timetable the company has submitted to the SEC.
VistaREIT’s portfolio currently includes 10 community malls and two office buildings with a gross leasable area of 256,403.95 square meters. The company’s malls are located in Metro Manila, Cavite, Rizal, Bulacan, Pampanga, and Cebu, while its office buildings are in Taguig and Bacoor, Cavite.
Meanwhile, Raslag will offer to the public up to 350 million common shares priced at up to P2 per share, with an overallotment option of up to 52.5 million common shares to be offered by selling shareholder J Ten Equities, Inc. The shares will be listed and traded on the Main Board of the PSE.
The company expects to net P648.08 million from the offer, while the selling shareholder will receive the proceeds from the exercise of the overallotment option, which could reach up to P105 million.
Proceeds from the offer will be used to finance the company’s solar projects, namely RASLAG-4, a 35.1-megawatt (MW) solar photovoltaic plant in Magalang, Pampanga, and RASLAG-5, with an approximate capacity of 60MW.
The offer period for Raslag’s shares is set to run from May 24 to 30, in time for their listing on June 6, based on the latest timeline submitted to the SEC.
Raslag is a domestic renewable energy developer founded by Peter G. Nepomuceno of the Nepomuceno family in Angeles City, Pampanga, and Conrado D. Pecjo, the business development manager of Angeles Power, Inc. It currently focuses on the development of solar power projects, with two operating in Pampanga.