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FILINVEST Land, Inc. (FLI) will sell about 1.63 billion common shares in subsidiary Cyberzone Properties, Inc. through a secondary offering worth P8.30 per share.
FLI’s board of directors approved the unit’s initial public offering at a meeting on Tuesday, March 9.
The company is expected to submit requirements to the Securities and Exchange Commission and the Philippine Stock Exchange. Cyberzone Properties will also have to adhere to the revised implementing rules and regulations of the REIT Act of 2009.
The secondary offering of 1.63 billion common shares covers one-third of Cyberzone Properties’ outstanding capital stock.
The real estate company previously increased its authorized share capital to P7.13 billion, which was later divided into 14.26 billion ordinary shares with a par value of P0.5 each.
An over-allotment option granted by FLI will also await approval from market regulators.
Under the same terms of secondary offering shares, a stabilizer or affiliate agent can collect up to 163.08 million common shares of Cyberzone Properties owned by FLI. Option shares will be considered.
The board of directors assigned management to establish the terms and conditions of the offer. – Keren Concepcion G. Valmonte
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