Connect with us

Hi, what are you looking for?


Premiere Island’s REIT IPO gets SEC’s nod

THE Securities and Exchange Commission has approved the initial public offering (IPO) of Premiere Island Holding Corp., which is expected to raise up to P3.09 billion from its market debut.

The company is envisioned to become the power and infrastructure real estate investment trust (REIT) of Villar-led Prime Asset Ventures, Inc. Its name will be changed to Premiere Island Power REIT (PREIT).

In a press release, the SEC said that the commission en banc rendered effective the registration statement of PREIT during a meeting on Nov. 10. The company registered around 3.29 billion common shares subject to its compliance with some requirements.

The IPO shares will be sold by the company’s sponsors — S.I. Power Corp. and Camotes Island Power Generation Corp. — and will include 1.4 billion common shares priced at P2.00 each.

PREIT expects proceeds from the offering to reach P3.09 billion should the over-allotment option of up to P210 million common shares be fully exercised.

“The selling shareholders will receive the full amount of the proceeds, which shall be reinvested in the Philippines,” the SEC said, referring to provisions under the Revised Implementing Rules and Regulations of Republic Act No. 9856 or the REIT Act of 2019.

PREIT’s IPO is set to be conducted from Nov. 25 to Dec. 2 with its stock market debut slated on Dec. 12. China Bank Capital Corp. will be the sole issue manager, underwriter, and book-runner, while RCBC Capital Corp. will serve as a participating underwriter.

PREIT tapped VFund Management, Inc. as its fund manager and VProperty Management, Inc. as its property manager.

PREIT’s initial portfolio will comprise land and power plant assets in the power generation projects of S.I. Power and Camotes Island Power with a combined capacity of 21.2 megawatts.

“As mandated by law, PREIT shall distribute at least 90% of its annual distributable income as dividends,” SEC said.

Distributable income is the company’s adjusted net income for unrealized gains and losses and impairment losses. It does not include proceeds from the sale of the REIT’s assets that are reinvested in the REIT. — Justine Irish D. Tabile

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!



Linesmen fix electric posts in Tondo, Manila. — PHILIPPINE STAR/ RUSSELL PALMA PRESIDENT Ferdinand R. Marcos, Jr. is hoping the Court of Appeals (CA)...


Finance Secretary Benjamin E. Diokno answers questions from the media during a press briefing at the New Executive Building, Malacañan Palace, July 6. —...


SUBSIDIES extended to government-owned and -controlled corporations (GOCCs) surged to P39.981 billion in October, the Bureau of the Treasury (BTr) said. Budgetary support to...


Manila rose six spots to 55th place out of 75 ranked centers in the sixth edition of the Smart Centers Index (SCI) by Long...


By Arjay L. Balinbin, Senior Reporter METRO Pacific Tollways Corp. (MPTC) said its unit NLEX Corp. expects to award the Candaba Third Viaduct project,...


1 of 3 ARMANI’s diffusion line, Armani Exchange, is trading in its old store look for a new one. During a short introduction to...

You May Also Like


BW FILE PHOTO GROSS BORROWINGS by the National Government reached P2.6 trillion as of end-September as it continued to raise funds to respond to...


KARASOLAR.COM TENA, Ecuador — Ecuador’s rainforest Achuar people say their ancestors long dreamed of a “fire canoe” or “electric fish” that would let them...


REUTERS By Luz Wendy T. Noble, Reporter The country’s foreign exchange buffers slightly increased as of end-October as the value of the central bank’s...


COVID-19 has had a significant impact on the mental health of Filipinos across different groups all over the archipelago. From frontline workers, parents balancing...

Disclaimer: Respect, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2022 Respect Investment. All Rights Reserved.