MANILA - The Securities and Exchange Commission (SEC) has considered favorably the initial public offerings (IPO) of VistaREIT, Inc. of up to PHP9.178 billion and of Raslag Corp. worth up to PHP700 million. In its meeting on May 5, the commission en banc 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 VistaREIT is a real estate investment trust (REIT) sponsored by Villar-led companies - Masterpiece Asia Properties, Inc., Manuela Corporation, Vista Residences, Inc., Crown Asia Properties, Inc., and Communities Pampanga, Inc. The company will offer up to 3,337,500,000 common shares at a price of up to PHP2.50 per share, with an over allotment option of up to 333,750,000 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 PHP8.79 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 Republic Act No. 9856, or 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. As mandated by law, VistaREIT shall distribute to shareholders at least 90 percent of its annual distributable income as dividends. The distributable income refers to the company's net income as adjusted for unrealized gains and losses/expenses and impairment losses, and other items in accordance with internationally accepted accounting standards. It excludes proceeds from the sale of the REIT's assets that are reinvested in the REIT within one year from the date of the sale. 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. The company engaged BDO Capital & Investment Corporation, China Bank Capital Corporation, PNB Capital and Investment Corporation, RCBC Capital Corporation, and SB Capital Investment Corporation as joint lead underwriters for the offer, with Abacus Capital and Investment Corporation as participating underwriters. 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. The company tapped VProperty Management, Inc. and VFund Management, Inc. as property manager and fund manager, respectively. Raslag Raslag will offer to the public up to 350 million common shares priced at up to PHP2 per share, with an over allotment 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 PHP648.08 million from the offer, while the selling shareholder will receive the proceeds from the exercise of the over allotment option, which could reach up to PHP105 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 a capacity of about 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 Nepomuceno of the Nepomuceno family in Angeles City, Pampanga, and Conrado Pecjo, the business development manager of Angeles Power, Inc. It currently focuses on the development of solar power projects, with two operating in Pampanga. The company tapped China Bank Capital Corporation as sole issue manager, sole underwriter, and sole bookrunner for the offer. (PR) }
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Bacoor , Cavite , Philippines , Magalang , Pampanga , Manila , Angeles City , Angeles , Philippine , Benguet , Metro Manila , Philippines General , China , Rizal , San Carlos , Negros Occidental , Taguig , City Of Taguig , Bulacan , Camarines Norte , Cavite City , Davao City , Peter Nepomuceno , Real Estate Investment Trust , Crown Asia Properties Inc , Vistareit Inc , Vproperty Management Inc , Manuela Corporation , Vfund Management Inc , Masterpiece Asia Properties Inc , Vista Residences Inc , Communities Pampanga Inc , Main Board Of The Philippine Stock Exchange , Raslag Corp , China Bank Capital Corporation , Sb Capital Investment Corporation , Exchange Commission , Angeles Power Inc , Capital Investment Corporation , Investment Corporation , Capital Corporation , J Ten Equities Inc , Asia Properties , Vista Residences , Crown Asia Properties , Communities Pampanga , Main Board , Philippine Stock Exchange , Republic Act , Abacus Capital , Conrado Pecjo , Angeles Power , Manila The Securities And Exchange Commission Sec Has Considered Favorably Initial Public Offerings Ipo Of Vistareit , Nc Of Up To Php9 178 Billion And Raslag Corp Worth Php700 Million In Its Meeting On May 5 , He Commission En Banc Resolved To Render Effective The Registration Statements Of Vistareit And Raslag Covering 7 5 Billion Common Shares 1 Million , Espectively , Ubject To The Companies 39 Compliance With Certain Remaining Requirements Vistareit Isa Real Estate Investment Trust Reit Sponsored By Villar Led Masterpiece Asia Properties , Nc , Nd Communities Pampanga , Nc The Company Will Offer Up To 3 , 337 , 500 , 000 Common Shares Ata Price Of Up To Php2 50 Per Share , Ith An Over Allotment Option Of Up To 333 , 750 , 000 Common Shares The , Hich Are Currently Owned By The Sponsors , Ill Be Listed And Traded On The Main Board Of Philippine Stock Exchange Pse Assuming Overallotment Option Is Fully Exercised , Istareit Will Net Php8 79 Billion From The Offer Sponsors Receive Entire Proceeds Of , Hich Shall Be Reinvested In The Philippines , Ursuant To The Revised Implementing Rules And Regulations Of Republic Act No 9856 , R The Real Estate Investment Trust Reit Act Of 2009 New Investors Will Corner 48 95 Percent Vistareit 39s Issued And Outstanding Common Shares , Hile Existing Shareholders Will Retain The Remaining 51 05 Percent , Hould The Company Exercise Oversubscription Option As Mandated By Law , Istareit Shall Distribute To Shareholders At Least 90 Percent Of Its Annual Distributable Income As Dividends The Refers Company 39s Net Adjusted For Unrealized Gains And Losses Expenses Impairment , Nd Other Items In Accordance With Internationally Accepted Accounting Standards It Excludes Proceeds From The Sale Of Reit 39s Assets That Are Reinvested Within One Year Date Vistareit Expects To Conduct Ipo May 10 16 And Debut On Pse 26 , Ased On The Latest Timetable Company Has Submitted To Sec Engaged Bdo Capital Amp Investment Corporation , Nb Capital And Investment Corporation , Cbc Capital Corporation , Nd Sb Capital Investment Corporation As Joint Lead Underwriters For The Offer , Ith Abacus Capital And Investment Corporation As Participating Underwriters Vistareit 39s Portfolio Currently Includes 10 Community Malls Two Office Buildings Witha Gross Leasable Area Of 256 , 403 95 Square Meters The Company 39s Malls Are Located In Metro Manila , Nd Cebu , Hile Its Office Buildings Are In Taguig And Bacoor , Avite The Company Tapped Vproperty Management , Nc And Vfund Management , Nc As Property Manager And Fund , Espectively Raslag Will Offer To The Public Up 350 Million Common Shares Priced At Php2 Per Share , Ith An Over Allotment Option Of Up To 52 5 Million Common Shares Be Offered By Selling Shareholderj Ten Equities , Nc The Shares Will Be Listed And Traded On Main Board Of Pse Company Expects To Net Php648 08 Million From Offer , Hile The Selling Shareholder Will Receive Proceeds From Exercise Of Over Allotment Option , Hich Could Reach Up To Php105 Million Proceeds From The Offer Will Be Used Finance Company 39s Solar Projects , Amely Raslag 4 , A 35 1 Megawatt Mw Solar Photovoltaic Plant In Magalang , Nd Raslag 5 , Itha Capacity Of About 60mw The Offer Period For Raslag 39s Shares Is Set To Run From May 24 30 , N Time For Their Listing On June 6 , Ased On The Latest Timeline Submitted To Sec Raslag Isa Domestic Renewable Energy Developer Founded By Peter Nepomuceno Of Family In Angeles City , Nd Conrado Pecjo , He Business Development Manager Of Angeles Power , Nc It Currently Focuses On The Development Of Solar Power Projects , Ith Two Operating In Pampanga The Company Tapped China Bank Capital Corporation As Sole Issue Manager , Sole Underwriter , Nd Sole Bookrunner For The Offer Pr ,
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