THE Securities and Exchange Commission (SEC) has cleared property developer D.M. Wenceslao and Associates, Inc.’s application to raise around P15.5 billion in an initial public offering.
In an e-mail sent to reporters on Tuesday, the SEC said it approved DM Wenceslao’s plan to sell 679.17 million common shares at up to P22.90 per share. The company also has an over-allotment option up to 101.88 million common shares.
DM Wenceslao tapped BPI Capital Corp and Maybank Kim Eng as joint global coordinators and bookrunners for the offer.
The company is targeting to offer the shares to the public from May 21 to 25, with listing at the Philippine Stock Exchange under the ticker DMW slated for June 1.
The SEC said it has initially deferred its decision on DM Wenceslao’s registration statement pending clarifications on its tax assessment cases. DM Wenceslao has a case pending with the Court of Appeals contesting the Bureau of Internal Revenue’s tax assessment for the company in 2009.
The company was able to comply with requirements set by the SEC regarding the tax assessment on May 11.
Net proceeds of DM Wenceslao’s share sale will be used to finance its projects in the 204-hectare Aseana City in Parañaque City. It has lined up P5.31 billion worth of projects in the area, including three residential and six commercial developments. A sizable portion will also go to land banking. — Arra B. Francia