SEC approves share offers of Citicore, Figaro, Arthaland

MANILA, Philippines — The Securities and Exchange Commission (SEC), has approved the offerings of three companies, Citicore Energy REIT Corp., Figaro Coffee Group and Arthaland Corp.

Citicore Energy and Figaro will do initial public offerings while Arthaland Corp. will offer preferred shares.

In its meeting on Nov. 16, the SEC approved the registration statements of Citicore Energy covering 6.5 billion common shares, Figaro Coffee (five billion common shares) and Arthaland covering up to six million series D preferred shares.

Citicore REIT or CREIT is a real estate investment trust sponsored by Citicore Renewable Energy Corp. (CREC) and Citicore Solar Tarlac 1 Inc.

Its IPO, targeted for early next year, will involve up to one billion primary shares priced at up to P3.15 per share, plus 1.7 billion secondary shares to be offered by selling shareholder CREC, that has an oversubscription option of up to 418 million shares.

CREIT expects to raise a total of P9.78 billion in proceeds, including the over-allotment option, Citicore Power CEO Oliver Tan said.

The breakdown of the amount is P3.17 billion from the primary offer, which will be used for the acquisition of properties in Bulacan and South Cotabato and P6.61 billion from the secondary offer, assuming the overallotment option is fully exercised, according to documents filed with the SEC.

The offering will run from Nov. 26 to Dec. 3, in time for the shares to be listed on the PSE on Dec. 13.

Liu-led Figaro Group, meanwhile, will offer 1.3 billion common shares priced at up to P1.28 per share, with an overallotment option of up to 126 million shares.

The company expects to net up to P1.69 billion from the offer, assuming the overallotment option is fully subscribed.

Proceeds will be used for store openings and renovations, commissary expansion, debt repayment, IT infrastructure developments and potential acquisitions.

Figaro primarily operates restaurants, coffee shops, and refreshment parlors under the brands Angel’s Pizza, Figaro Coffee, Tien Ma’s, TFG Express, and Café Portofino. It currently owns 90 stores across the five brands.

The IPO is expected to run from Dec. 16 to 22, with listing on the PSE scheduled for Dec. 31, based on the latest timetable sent to the Commission.

Arthaland, meanwhile, will offer to the public up to four million series D preferred shares with an offer price of P500 per preferred share, plus an oversubscription option of up to two million preferred shares.

The listed property developer expects to net up to P2.96 billion from the offer, assuming the oversubscription option is fully exercised.

It will use proceeds to fund additional investments in its subsidiaries.

The preferred shares are expected to be listed on the PSE on Nov. 29.