FILINVEST Property, Inc. (FLI) will sell approximately 1.63 billion common shares of its subsidiary Cyberzone Properties, Inc. via a P8.30 secondary offering per share.
In a meeting held on Tuesday 9 March, the FLI Board of Directors authorized the unit’s initial public service.
The Corporation is required to apply specifications to the SEC and the Philippine Stock Exchange. The cyberzone assets shall also comply with the amended rules and regulations in compliance with the 2009 REIT Act.
A third of the Cyberzone Assets’ remaining equities are covered by the secondary availability of 1,63 billion common stock.
Prior to that, the real estate firm raised its approved stock of capital to P7.13 billion, then separated into 14.26 billion common shares, each having a par value of P0.5.
The FLI would also wait for the authorisation of market regulators for an excess allocation option.
With regard to the secondary bid shares, up to 163.08 million common shares in the Cyberzone Assets held by FLI can be obtained by a stabilizing agent or associate. The choice shares are considered.
The executive board has delegated the conditions of the contract to the management.