SEC approves Citicore REIT IPO

citicore new logo with bg

The Securities and Exchange Commission (SEC) has approved the real estate investment trust (REIT) initial public offering (IPO) sponsored by Citicore Renewable Energy Corporation (CREC) and Citicore Solar Tarlac 1, Inc.

The Commission en banc resolved to render effective the registration statements of Citicore Energy REIT Corp (CREIT) covering 6.5 billion common shares, the SEC said in a statement. 

The IPO includes up to one billion primary shares priced at up to Php3.15 per share with 1.7 billion secondary shares to be offered by CREC, which has an oversubscription option of up to 418.3 million shares, the SEC said citing filing documents. 

CREIT expects to net up to Php3.17 billion from the primary offer which is to be used for the acquisition of properties in Bulacan and South Cotabato, the regulator said.

Proceeds from the secondary offer amounting to Ph6.61 billion will go to CREC, given that the over allotment option is fully subscribed and will be reinvested in the Philippines, the filing said. 

CREIT is said to focus on income-generating renewable energy real estate properties, including land and properties used for harnessing power. 

The offer will run from November 26 to December 3 before listing on the main index of the Philippine Stock Exchange on December 13.