Friday, December 04, 2009 | MANILA, PHILIPPINES [ BusinessWorld Online ]
GlobE Asiatique Realty Holdings Corp. is seeking approval from corporate regulators to go public and raise as much as P1.36 billion.
Based on a prospectus filed with the Securities and Exchange Commission (SEC), Globe Asiatique is willing to sell 170 million shares, with an over-allotment option of 168 million common shares.
The shares, priced between P6.50 to P10, represent 15% of the company’s 1.13 billion common shares. Of the 170 million shares, 136 million new shares will come from unissued capital stock, while the rest will be sold by shareholder Dexter L. Lee. The firm has tapped BDO Capital & Investment Corp. as issue manager and underwriter.
Globe Asiatique, registered with the SEC in 1994, is focused on high-rise projects and “self-contained townships” catering to the socialized and low-cost housing sectors under the Xevera brand. It is developing another lower-cost brand, Sameera.
This property company’s portfolio of projects consists of 13,400 units from the nine projects already completed. Profits grew by more than a third to P300 million from January to September. -- K. J. R. Liu
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