SEC clears share offerings of Haus Talk, EEI

The Securities and Exchange Commission (SEC) has cleared the initial public offering (IPO) of property developer Haus Talk, Inc. and the preferred share offering of construction firm EEI Corp.

In a news release on Friday, the SEC said it “considered favorably” both offerings during the Commission En Banc meeting on Nov. 18, making effective the registration statements of Haus Talk for 2.5 billion common shares and that of EEI Corp. for 60 million perpetual preferred shares.

The SEC resolution is subject to the companies’ compliance with certain remaining requirements.

Haus Talk will offer up to 500 million of its common shares to the public at P1.50 apiece.

Meanwhile, EEI will offer a maximum of 40 million non-voting perpetual preferred shares to the public, with an oversubscription option of up to 20 million preferred shares, priced at P100 each.

The SEC said Haus Talk expects net proceeds of up to P723.70 million from its offer, while EEI expects to net about P5.95 billion if its oversubscription option is fully subscribed.

Proceeds from Haus Talk’s IPO will be used to acquire land, develop projects, and for general corporate purposes.

On the other hand, proceeds from EEI’s offer are allotted for financing of the company’s future projects and for new equipment, to pay its existing short-term loans, and for general corporate purposes and working capital requirements.

The issue manager and underwriter for Haus Talk’s offer is Investment and Capital Corp. of the Philippines, while EEI’s is RCBC Capital Corp., which will also serve as the joint lead underwriter and bookrunner along with SB Capital Investment Corp.

EEI’s preferred share offer will run from Dec. 9 to 15, “in time for the shares’ listing on the [stock exchange] on Dec. 24.”

Haus Talk is a residential real estate developer established in 2004 with projects based in Antipolo City and Laguna.

The company has sold about 1,900 housing units, and has around 2,300 more units in development until 2023.

EEI, on the other hand, is one of the lead construction and engineering companies in the country focused mainly on the construction of large-scale heavy and light industrial projects, infrastructure, and property development projects.

Shares in EEI at the stock exchange went up by 0.16% or one centavo on Friday to close at P6.43 apiece. — Bianca Angelica D. Añago