SEC OKs ePerformax P3.67-B maiden offering

The Securities and Exchange Commission has approved the bid of call center operator ePerformax International Inc. to sell up to 245 million shares to the public through the local bourse, and raise as much as P3.675 billion in fresh capital. Documents from the SEC showed that the company will be selling 155 million primary shares, 68 million secondary shares and 22 million shares for over-allotment option. The company started operations in the Philippines in 2002 and provides US-based businesses with offshore outsourcing services. The issue manager and lead underwriter for the offering is BDO Capital & Investment Corp. The 223 million primary and secondary shares to be sold will represent about 33.79 percent of the company following its maiden offering. Selling shareholders are Performance Consulting Group Inc., which presently own half of the company; Global e-Business Solutions Inc., which owns 44.86 percent of the company; Easycall Communications Philippines Inc., which has a stake of 3.81 percent, and minor shareholders such as Joint Research and Development Corp., Salamanca Development Ltd. and Fernanco Abano. ePerformax said its expects to raise about P2.22 billion in net proceeds from the initial public offering. The company said the proceeds will be used for a three-year period from 2008 to 2010, specifically for its expansion in Cebu, P482.45 million; additional capital expenditure, P44.06 million; increased working capital needs, P253.95 million; repayment of capital lease obligation, P31.29 million; repayment of revolving loan balances, P107.56 million; and acquisitions and business development, P107.56 million. For the first nine months of 2007, ePerformax said its net income improved to P174.542 million from P129.813 million in the same period in 2006. - GMANews.TV