SEC approves Aboitiz Power IPO

The Securities and Exchange Commission on Friday approved Aboitiz Power Corp.'s planned initial public offering, which would raise for it at most P12 billion in new capital. Aboitiz Power is the energy unit of listed conglomerate Aboitiz Equity Ventures Inc. It would be offering a maximum of 2 billion new shares prized at a maximum of P6 each. Of the total offering, 1.19 billion new shares will be offered and sold to investors outside the Philippines and United States, and 510 million shares to local investors. The proceeds will be used by the company to improve its existing power generation and distribution facilities, investments in capacity expansion, including possible acquisitions of power generation facilities and power distribution systems and development of greenfield projects. The domestic offer period will begin on July 4 and end on July 10. Following the offering of the shares, the company's authorized capital stock will be P16 billion from P4 billion. - Cheryl Arcibal, GMANews.TV