SEC approves public offerings of Cityland, PSIF

THE PUBLIC offerings of Philippine Stock Index Fund Corp. (PSIF) and Cityland, Inc. have been cleared by the corporate regulator, giving investors more choices to see their funds appreciate.

In a statement on Wednesday, the Securities and Exchange Commission (SEC) said it approved the registration statements of PSIF that covers up to P50 billion worth of units of participation, and Cityland for commercial papers that amount up to P815 million.

The public offering of PSIF will be up to P50 billion units of participation, with an initial price of P1 apiece, the SEC said.

“The fund will invest the proceeds in securities comprising the Philippine Stock Exchange Composite Index for capital appreciation, which will in turn benefit unit holders,” it said.

BPI Investment Management, Inc. will be the offer’s fund manager, principal distributor, investment advisor, and transfer agent.

PSIF’s units will be offered via several authorized distributors such as Affinity Capital Corp., BPI Capital Corp., BPI Investment Management, Inc., Citicorp Financial Services and Insurance Brokerage Philippines, Inc., COL Financial Group, Inc., First Metro Securities Brokerage Corp., Wealth Securities, Inc., and Unicapital Securities, Inc.

Meanwhile, Cityland will offer commercial papers with a term that will not exceed one year. The securities will be offered via the company’s authorized salesmen.

The SEC said that Cityland had projected that it would raise P808.17 million from the offer.

“The proceeds will partially finance the construction of a 27-storey commercial and residential condominium project, which the company launched in October 2018 and expects to complete in June 2022, as well as future projects and maturing debt,” SEC said. — Revin Mikhael D. Ochave