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TYPHOON
Chedeng may have dampened the initial trading of
property developer Anchor Land Holdings Inc., pulling
the issues’s opening price down to P6.10 apiece before
closing at P8.10 Wednesday.
Anchor Land’s
opening price was down 32 percent from its offer price
of P8.93, while the closing price was down 10 percent.
The
company’s management, however, remains upbeat despite
the issue’s performance on the first trading day.
“I
strongly believe that we have a sustainable market
because of several factors including the lower interest
rates and the robust OFW remittances,” said vice
chairman Steve Li, referring to the foreign exchange
that Filipinos overseas send home.
Anchor Land,
the sixth company to go public this year, sold 65
million new shares to domestic investors. The company
generated P773 million in gross proceeds from the sale
of 86.6 million shares, including the overallotment
portion.
The
shares sold represent 25 percent of the company’s
outstanding capital stock.
Shopping
mall magnate Henry Sy bought about 34.7 million shares
of the company for P312.55 million, making him a
strategic investor with a 10-percent stake.
Anchor Land
will use the proceeds from its initial public offering
to fund the acquisition of more lands and pay for
ongoing and programmed projects that include the
33-story Mayfair Tower and a condominium project in
Aseana Park near the SM Mall of Asia.
The
company launched its first luxury condominium project,
the LEE Tower, under unit Anchor Properties Corp., to
start its commercial operations in the Philippines.
It
expects to end the year with a net income of P161.4
million and revenues of P900 million from residential
condominium projects. |
