Premiere Island Power REIT Corp., a company led by Manuel Paolo Villar, has filed with the Securities and Exchange Commission for a P3.2 billion initial public offering (IPO).
Premiere REIT is an energy and infrastructure real estate investment trust (REIT) sponsored by Prime Asset Ventures Inc. (PAVI), the holding company of Paolo Villar.
Based on its plan, Premiere REIT will offer up to 1.4 billion secondary common shares at a maximum offer price of P2 per share, with an over-allotment option of up to 210 million secondary common shares.
The Offered Shares will be held by PAVI’s subsidiaries SI Power Corp. and Camotes Island Power Generation Corp. sold. The company is aiming for a stock market listing in November.
Premiere REIT’s current real estate portfolio consists of land, land rights, major power generation assets and other ancillary infrastructure leased to and used by the sponsors for their power generation operations. Key property metrics include a weighted average lease term of 9.24 years and total generation capacity of 21.27 megawatts.
The company said iy aims to be among the top diversified power and infrastructure REITs in the Philippines in terms of portfolio, profitability, growth, sustainability and dividend yield.
In addition to foraying into top-performing asset classes in the traditional energy sector, providing social and missionary electrification in underserved areas, the company plans to invest in greener, renewable and sustainable energy to ensure diverse asset classes are endowed with continued capital appreciation and social engagement Accountability.
China Bank Capital Corp. was selected as the sole underwriter and underwriter for the transaction.
Manuel Paolo Villar is the eldest son of Manuel B. Villar and is also President and CEO of Vista Land and Lifescapes Inc.
Vista Land reported last month that its January-June income rose 11 percent to P4.2 billion, compared to P3.84 billion last year.
Gross receipts for the six-month period were 7.97 billion pesetas, or just half of last year’s 16.12 billion pesetas.
Property revenue fell 20 percent in the first half to P8.8 billion from P11.11 billion last year, but rental income rebounded to P4.93 billion, a tripling from P1.63 billion last year .
In the second quarter alone, the company’s net income rose 10 percent to 1.91 billion pesos from 1.73 billion pesos last year, while revenue was flat at 7.3 billion pesos.
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