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Globe Asiatique renews initial public offering bid

by Jenniffer B. Austria
[ ] June 7, 2010

Globe Asiatique Realty Holdings Corp., the property company owned by businessman Delfin Lee, will re-file its application with the Philippine Stock Exchange to conduct an initial public offering worth P3.3 billion.
BDO Capital and Investments Corp. president Eduardo Francisco said Globe Asiatique would update its application to include first-quarter results. BDO Capital is the lead underwriter for the Globe Asiatique IPO.
The Securities and Exchange Commission earlier approved Globe Asiatique’s public offering plans but deferred its go-signal pending the submission of certain documents.
Globe Asiatique had planned to offer 170.4 million primary and secondary shares at P6.50 to P10 apiece. The company also set aside 168.7 million shares to cover overallotment. The shares, excluding those reserved overallotment, represent 15 percent of the company’s total outstanding capital stock.
The company plans to use proceeds from the public offering to finance the company’s property projects, namely GA Sky Suites and Corporate Tower, residential, an office building project located along Edsa corner Quezon Avenue in Quezon City, and horizontal housing units in Bacoor, Cavite and Mabalacat, Pampanga.
Globe Asiatique is one of the fastest-growing real estate companies in the country, focusing on development of high-rise residential for socialized and low-cost housing sectors.
The company so far has delivered 13,400 housing units in nine completed projects to end-users and first-time home buyers.
The property company, through its brand, develops affordable township projects and plans to introduce the product in Bacolod, Subic and Mindoro.
Globe Asiatique is also developing Sameera brand that will focus on socialized and low-cost township projects. The Sameera brand will have projects in Angeles City, Pampanga, Subic and Zambales.

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