Address

Precise Investors

Stocks & Shares

Philippines SEC approves Megaworld Corp, Robinsons Land IPOs

Philippines SEC

Megaworld’s MREIT Inc is seeking to raise up to $548.4 million, while Robinsons’ RL Commercial REIT plans to offer shares worth up to $0.54 billion

The Philippines’ Securities and Exchange Commission (SEC) said on Wednesday it has cleared the way for the initial public offerings (IPO) of the real estate investment trust (REIT) units of Megaworld Corp and Robinsons Land Corp.

Megaworld’s MREIT Inc is seeking to raise up to 27.3 billion pesos ($548.4 million), while Robinsons’ RL Commercial REIT plans to offer shares worth up to 26.7 billion pesos ($0.54 billion), in IPOs set to be launched later this month.

The announcement comes amid a marked rise in coronavirus infections in the country in recent days, and it is again tightening restrictions in many areas including the capital Manila.

Rising Covid cases and corresponding market volatility prompted food and beverages firm Del Monte Pacific to delay the initial public offering (IPO) of its Philippine unit.

The Philippine Stock Exchange has lost nearly 8% so far this year and dropped more than 4% in the current quarter.

A clutch of Philippine firms, including newly launched REITs, and other large planned issues, could make the country Southeast Asia’s biggest IPO market this year as companies aim to raise funds ahead of next year’s national elections.

The REIT listings of Megaworld and Robinsons are set to follow the market debut of units of Ayala Land Inc, DoubleDragon Properties Corp, and Filinvest Land Inc.

Megaworld’s REIT will offer up to 1.078 billion shares at up to 22 pesos ($0.44) per share, with an overallotment option of up to 161.7 million shares. The IPO will run from Aug. 23 to 27, with listing on Sept. 6, the SEC said in a statement.

Robinsons’ REIT offering of up to 3.3 billion shares at up to 7.31 pesos ($0.15) per share, with an overallotment option of up to 305.1 million shares, will run from Aug. 31 to Sept. 8, and list on Sept. 20.

Important:

The articles are for information purposes only and Precise Investors shall not be held responsible for any errors, omissions or inaccuracies within it. Any rules or regulations mentioned within the website are those relevant at the time of publication and may not be the most up-to-date.

Precise Investors does not endorse any of the products or services that appear on it or are linked to it and are not liable for any action that you may take as a result of the content of this website, or losses or damage you may incur doing so.

There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.

Please remember that investments of any type may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.

Leave a Reply

19 − six =