EPerformax, Viva communications likely to list in April

EPerformax International, Inc. and Viva Communications, Inc. will likely list at the local bourse in April, "depending on market conditions," the two firms’ main underwriter said Friday. On the sidelines of an economic briefing Friday, BDO Capital and Investment Corp. president Ed Francisco said 135 days have been given by the exchange to pursue the listings. BDO Capital is the lead underwriter for both firms. Viva Communications had postponed its initial public offering, supposed to held earlier this month, due to harsh market conditions. EPerformax, meanwhile, has yet to set a specific listing date even if its application had been approved by the Securities and Exchange Commission (SEC). "The PSE (Philippine Stock Exchange) and SEC has given us 135 days so that’s likely April 15. If we do not do the IPO by that date, we have to start filing an application again using the March interim financials," Mr. Francisco told reporters. It will cost another P1 million for each of the companies to pay for a new set of listing fees. "But we’re also looking at another window for Viva. Right now, we’re in discussions with a local fund to become a cornerstone investor of the company so the shares to be offered to the public will be less," he said. Mr. Francisco declined to name the local fund but said it is in the same industry as Viva’s. Petrolift, Inc., which pulled back its offering scheduled last December, will pursue the listing even if it has received bridge financing from Security Bank and Banco de Oro for its expansion plans, Mr. Francisco said. "They’re still in it because going through a listing has its advantages. First, investors can easily invest in the company and second, it will be easier for the company to deal with foreign creditors since somehow it has a name," he said.- BusinessWorld