By Iris C. Gonzales (The Philippine
Star) | Updated October 5, 2015 - 12:00am
MANILA, Philippines – Town mall
developer Philippine Primark Properties Inc., formerly known as LKY Group, is
planning an initial public offering (IPO) at the stock exchange, unfazed by the
prevailing market volatility.
In documents filed with the Securities
and Exchange Commission (SEC), Primark said it hopes to raise P1.2 billion from
the sale of 704,460,000 primary shares with a par value of 25 centavos per
share. The offer price is up to P1.70 per share.
Proceeds would be used to roll out
more town centers in various parts of the country.
“The company intends to use the net
proceeds for the construction of town centers in advanced stage of business
development cycle, budget allocation for other future locations and general
working capital purposes,” Primark said in its registration statement.
It targets to offer the shares from
Nov. 16 to 20, with a tentative book building period from Nov. 9 to 13. The
target listing date is Nov. 30.
Bulk of the IPO proceeds, at P866
million, would be used to fund seven town centers in advanced stages of
development. These include town malls in Paliparan, Cavite (10,371 square
meters); Cauayan, Isabela (8,536 sqm); Arayat, Pampanga (6,125 sqm); Binmaley,
Pangasinan (3,541 sqm); Antipolo, Rizal (3,129 sqm); Teresa, Rizal (2,883 sqm);
and Muñoz, Nueva Ecija, (5,423 sqm).
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The company was incorporated on Aug. 7,
1996 as LKY Prime Builders, Inc. to primarily engage in general construction
and other allied businesses. Primark is part of a larger group of companies
engaged in real estate development, construction, hotel operations, terminal
operations and dry goods retail.
In April 2015, the SEC approved the
change in name from LKY Prime Builders Inc. to Philippine Primark Properties
Inc. and on Sept. 14, the amendment to its primary purpose to allow the company
the business of constructing, building, developing, operating and maintaining
commercial buildings shopping centers or malls and other real estate
developments.
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