PSE OKs Aboitiz Power IPO

The Philippine Stock Exchange has approved the bid of Aboitiz Power Corp. to go public. In a disclosure, Aboitiz Equity Ventures, the parent company of Aboitiz Power, said it will be listing some 7.4 billion in common shares on the first board of the PSE. "The initial public offering of APC's common shares, with an offer price to be determined through an international book-building process, shall consist of a primary offering of up to 1.7 billion common shares and over-allotment option of up to 300 million common shares," Aboitiz Equity said. The Securities and Exchange Commission has earlier approved the preliminary prospectus of Aboitiz Power, which states that it will be sharing its shares for a maximum of P6 each. The proceeds of the initial public offering 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. - GMANews.TV