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ABOITIZ
Power Co. has priced its 1.739-billion primary shares
offer at between P5.25 to P6.25 apiece when it goes
public next month. The shares will be offered to
domestic and foreign investors.
The
stock exchange said Tuesday, the price range was relayed
through legal counsel by Aboitiz Power’s sole global
coordinator and bookrunner UBS Investment Bank.
Aboitiz
Power expects to generate between P9.12 to P10.86
billion from the initial public offering. The firm will
use the money to fund the upgrade of existing power
generation and distribution facilities, capacity
expansion and development of
greenfield
or new power projects.
The
final price for the shares, however, will be announced
on June 30. The listing is set for July 16.
Apart
from the primary shares, an over-allotment of up to
260,869,565 common shares has been earmarked in case of
higher demand.
From the
primary shares, 1,217,391,305 will be sold to
international investors while the remaining 521,739,130
common shares will go to domestic buyers.
Aboitiz
Power is a wholly-owned unit of Cebu-based conglomerate
Aboitiz Equity Ventures, a publicly traded firm with
interest in banking, shipping, power distribution and
generation and food concerns.
Meanwhile, Phoenix Petroleum Philippines Inc., another
company going public next month, is eyeing to generate
P176.32 to P327.70 million from the sale of 29 million
primary shares. The company is basing the proceeds from
an offer price of P6.08 to P11.30 per share.
Final
price for Phoenix shares will be set on Thursday.
The
money from the offering will be used to support the
company’s capital expenditure program this year and next
amounting to P257.27 million.
Part of
its plan is to establish 115 more retail service
stations in the country to strengthen its position in
the nine-year-old deregulated oil industry.
In an
interview,
Phoenix president Dennis Uy said 25 stations will be added this
year, followed by 90 stations spread over 2008 to 2010.
The Davao-based oil trading firm currently operates 25
stations in the south.
Apart
from the sale of new shares, is the sale of 7.25 million
shares by the company’s shareholder Udenna Corp. at the
same price range. This is part and parcel of the Phoenix
shares offer. Proceeds amounting to P44.08 million to
P81.92 million from the sale of these shares would go
directly to Udenna.
Phoenix
will commence the domestic offer period from June 27 to
July 3. A tentative listing date has been set for July
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