PSE clears Sta. Lucia Land’s follow-on offer

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THE PHILIPPINE Stock Exchange (PSE) on Tuesday evening approved the application of Sta. Lucia Land, Inc. (SLI) for the listing of up to three billion shares for its follow-on offering (FOO).

“The Exchange’s approval of the conduct of the FOO and listing of the Company’s shares is subject to its compliance with all of the conditions and post-approval requirements of the Exchange,” the PSE said in a listing notice.

The company is planning to offer one billion to 2.5 billion common shares to be priced at P2.38 to P3.29 apiece, with an overallotment option of up to 500 million common shares. Its price-setting date is set on Nov. 5, Friday.

It aims to conduct its offer period beginning Nov. 11 until Nov. 17, with Nov. 26 eyed for the tentative listing of the shares.

SLI could raise up to P9.87 billion should the shares be priced at the highest end of its price range and if the overallotment option is exercised.

The listed property developer plans to use net proceeds from the offer to partially finance its capital expenditures for new and ongoing projects, strategic land banking activities, to pay for short-term debts, as well as for general corporate purposes.

SLI tapped China Bank Capital Corp. for to be the transaction’s sole issue manage, lead underwriter, and sole bookrunner.

Shares of SLI declined by 2.04% or six centavos to end at P2.88 apiece on Wednesday. — K.C.G. Valmonte

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