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Puregold listing gets PSE okay

[ ] August 29, 2011

The Philippine Stock Exchange has approved the application of Puregold Price Club Inc. to list its shares.

Puregold will offer 690 million primary and secondary shares at an indicative price of up to P18 per share.

If all shares are acquired by the public, this will earn for the company an estimated P12 billion. The shares are divided into 500 million unissued shares, 100 million secondary shares and 90 million common shares that will cover over-allotment.

Puregold said the proceeds will be used for expansion and debt payments.

Puregold is planning to spend P6.26 billion in the next three years to expand presence in Davao, Rizal, Cavite, Bataan, Pangasinan, Baguio City, Ilocos Norte, Caloocan, Bulacan, Camarines Sur, Laguna, Quezon City, Legaspi City, Iloilo City, Leyte, Cebu City, Tarlac City, La Union and Albay.

It also plans to pay down debts worth P2.24 billion. The bookrunner and lead managers for the offer are Hong Kong and Shanghai Banking Corp. Ltd. and UBS AG.

BDO Capital and Investment Corp. and First Metro Investment Corp. will serve as domestic lead underwriters.

The PSE said that the public offering will start on September 23 and end on September 29.

The offer’s final price should be out by September 21, the PSE said.

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