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Globe Asiatique’s P3.3-b IPO okayed

[ manilastandardtoday.com ] August 27, 2010
by Jeniffer B. Austria

The Philippine Stock Exchange has approved the P3.3-billion initial public offering of Globe Asiatique Realty Holdings Corp., the property company owned by businessman Delfin Lee.

Informed sources said the PSE board approved Globe Asiatique’s IPO application in its meeting Wednesday afternoon.

BDO Capital and Investments Corp. president Eduardo Francisco confirmed in a text message the approval of the PSE board. BDO is the underwriter for the planned offering.

The Securities and Exchange Commission approved Globe Asiatique’s IPO as early as March this year. The PSE gave its go-signal just now because of some questions about it business operations.

Globe Asiatique in a previous application planned to offer 170.4 million in primary and secondary shares at P6.50 to P10 per share. The company is allotting 168.7 million shares to cover for overallotment.

The shares, which will be listed in the first board of the Philippine Stock Exchange, represent 15 percent of the company’s total outstanding capital stock.

Asiatique plans to use the proceeds from the public offering to finance the company’s property projects, namely the GA Sky Suites and Corporate Tower, a residential and office building in EDSA corner Quezon Avenue in Quezon City and horizontal housing development 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.
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