Citicore Energy REIT secures PSE nod for February maiden offering

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Metro Manila (CNN Philippines, January 19) — The Philippine Stock Exchange has approved the initial public offering (IPO) of renewable energy-focused Citicore Energy REIT Corp. slated next month, as it hopes to raise up to ₱10.1 billion.

In a listing notice posted Wednesday, the PSE said the offer period will run from Feb. 2 to 8. The IPO involves a primary offer of 1.047 billion common shares, secondary offer of 1.741 billion shares, and an over-allotment option of up to 418.3 million shares all priced up to to ₱3.15 apiece.

The company’s initial listing was also tentatively set on Feb. 17, said the PSE. It will be listed under the local bourse’s main board with the ticker CREIT.

Proceeds from the primary offer will be used to purchase properties within the Citicore Group, particularly those owned by Citicore Solar Bulacan and Citicore South Cotabato where they run solar power plants.

Selling shareholder Citicore Renewable Energy Corp. (CREC), meanwhile, will use the secondary offer’s proceeds and those received by Citicore Bulacan and Citicore South Cotabato “in accordance with its reinvestment plan.”

CREC is a subsidiary of Citicore Power Inc., which is backed by Citicore Holdings Investments Inc. This is the same group behind listed infrastructure conglomerate Megawide Construction Corp.

This is the country’s sixth real estate investment trust (REIT) maiden offering so far, with CREIT being the first non-office space one to do so.