Manila Standard Today
By Jenniffer B. Austria | Posted on August 22, 2012 | 12:01am
Conglomerate San Miguel Corp. may move the planned initial public offering of its power unit SMC Global Power Holdings Corp. to next year.
“We are still interested in listing the power unit but it will depend on market conditions,” San Miguel chief finance officer Ferdinand Constantino said.
Constantino said the company was monitoring developments in the equities market to determine the most opportune time to list the power unit.
SMC Global Power in October 2011 postponed the planned P36.6-billion IPO because of volatile markets brought about by the sovereign debt crisis in Europe.
The company initially planned to list its shares in the last quarter of 2011 under the first board of the Philippine Stock Exchange. The IPO would have been the largest public offering in the Philippines.
SMC Global Power, based on a registration statement previously filed with the Securities and Exchange Commission, had planned to offer between 348 million and 519.7 million in primary and secondary shares, which could generate between P24.7 billion and P36.6 billion in proceeds.
The base offer calls for the sale of between 290 million and 385 million shares to be sold at as much as P71 apiece.
An upsize option consisting of another 58 to 77 million shares will be set aside for local investors in case the market turns positive, while another 43.5 million to 57.7 million shares will be earmarked for the overallotment option.
SMC Global Power had tapped Goldman Sachs (Singapore) Ltd., Standard Chartered Securities Pte. Ltd., CIMB Singapore and UBS AG as joint bookrunners and international lead managers. It also named ATR Kim Eng Capital Partners Inc. and SB Capital Investments Corp. as domestic lead underwriters. source
No comments:
Post a Comment