By Louella D. Desiderio (The Philippine Star) | Updated September 30, 2013 - 12:00am
MANILA, Philippines - Industrial estate developer Science Park of the Philippines Inc. (SPPI) is planning to list on the Philippine Stock Exchange (PSE), an official said.
SPPI president and chief officer Rommel Leuterio said that should the firm decide to list on the local bourse, it would raise at least P1 billion from the initial public offering (IPO).
“For an IPO to be meaningful, it has to be at least P1 billion,” he said.
The company plans to go public in two to three years.
The firm wants to take advantage of the strong demand for spaces for manufacturing facilities in the industrial estate business.
SPPI is set to start work on the development of a new industrial park, the Light Industry and Science Park IV, located in Malvar, Batangas.
The firm is spending P4 billion to develop the 200-hectare industrial park.
SPPI has already received official initial approval for registration from the Philippine Economic Zone Authority (PEZA) for the industrial park, which will allow the firm as well as locators to enjoy tax perks.
The industrial park will be complemented by a 60-hectare residential and commercial area, to be developed by SPPI’s sister company, Pueblo de Oro Development Corp.
Apart from the Light Industry and Science Park IV, SPPI has developed five industrial parks, composed of two in Laguna, one in Batangas, one in Bataan and one in Cebu.