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SEC clears Repower Energy’s initial public offering

THE Securities and Exchange Commission (SEC) has cleared the registration of shares by Repower Energy Development Corp. for an initial public offering (IPO) as well as the participation certificates by Fora Services, Inc. for a condotel in Tagaytay.

“In its May 4 meeting, the Commission En Banc resolved to render effective the registration statements of Repower Energy covering 650,000,002 common shares and of Fora Services covering 164 certificates of participation,” the SEC said in a press release on Monday.

Repower Energy is the hydropower arm of Pure Energy Holdings Corp., while Fora Services is a wholly-owned subsidiary of Filinvest Hospitality Corp. The regulator said its nod is subject to the companies’ compliance with certain remaining requirements.

The SEC approved the IPO of Repower Energy for 200-million common shares with an overallotment of 30 million common shares priced at P5 apiece. It said the shares will be listed and traded on the main board of the Philippine Stock Exchange.

The company expects proceeds of up to P949.5 million from the offering which it will use to fund the equity portion of its hydropower projects, development and/or acquisition of renewable energy projects, and operating and working capital requirements.

The initial offer period is from June 5 to 14 with its listing on June 23. China Bank Capital Corp. is the sole issue manager, lead underwriter, and sole bookrunner for the transaction.

Repower Energy oversees the operation of six hydropower plants with a combined capacity of 10.146 megawatts.

Meanwhile, Fora Services plans to fund its Quest Hotel Tagaytay project by offering 164 certificates of participation priced at a range of P187,700 to P440,700 each.

The company expects net proceeds from the offering to amount to P33.3 million, which it targets to use for expenses, technical fees, working capital buyouts, as well as working capital requirements.

Filinvest Land, Inc. will offer and sell the certificates through its network of registered brokers and securities salesmen.

The certificates will be offered and sold to the buyers of the 164 rooms in the hotel, which will be operated and managed as a condotel. Certificate holders will be entitled to receive a payment of distributable participation interest annually and room use privilege for up to 14 nights in the condotel per year. — A. H. Halili

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