FILINVEST Land, Inc. (FLI) will sell around 1.63 billion common shares in subsidiary Cyberzone Properties, Inc. through a secondary offer worth P8.30 per share.
The FLI board of directors approved the initial public offering of the unit in a meeting on Tuesday, March 9.
The company is expected to submit requirements to the Securities and Exchange Commission and the Philippine Stock Exchange. Cyberzone Properties will also have to adhere to the revised implementing rules and regulations of the REIT Act of 2009.
The secondary offer of 1.63 billion common shares covers a third of Cyberzone Properties’ outstanding capital stock.
The real estate company previously increased its authorized capital stock to P7.13 billion, which was then divided into 14.26 billion common shares with a par value of P0.5 apiece.
An over-allotment option granted by FLI will also wait for the market regulators’ approval.
With the same terms of the secondary offer shares, a stabilizing agent or affiliate may collect up to 163.08 million common shares of Cyberzone Properties owned by FLI. These will be considered the option shares.
The board of directors assigned management to set the terms and conditions of the offer. — Keren Concepcion G. Valmonte