Energy service firm readies debut

Business World Online

Posted on July 12, 2012 09:50:39 PM

ENERGY MANAGEMENT firm F-I-R-S-T Carbon Solutions Corp. (First Carbon Solutions) aims to be the fourth firm to go public this year as it looks to list on the local bourse’s small and medium enterprises (SME) board this month instead of by introduction as earlier claimed by its underwriter.

TRADERS are seen on Jan. 10 at the Philippine Stock Exchange, which has received an application for an energy firm’s listing. -- JONATHAN L. CELLONA

“[First Carbon Solutions] has filed its application for listing of 20 million of its common shares in the SME board of the Philippine Stock Exchange (PSE). The company targets to list said shares within the month,” a letter dated July 10 and posted on the PSE’s Web site read.

Further details on the planned initial public offering (IPO), both from the PSE and the Securities and Exchange Commission, were not immediately available. 

Eduardo V. Francisco, president of BDO Capital and Investment Corp. -- the IPO’s lead underwriter -- confirmed this in a text message yesterday.

First Carbon Solutions is in the sustainability energy business, offering energy management consulting, software, and back office information processing capabilities.

The PSE’s SME board was launched in 2001 to provide SMEs another avenue to secure funds for working capital requirements and expansion programs apart from debt. Listing on the SME board requires companies to have a one-year operating history, an authorized capital of P20 million to P100 million, net tangible assets of P5 million, and a positive net operating income. -- Franz Jonathan G. de la Fuente     source