Three SMEs apply for listing at PSE

Despite the bearishness of the market, three small-sized corporations have applied for listing at the Philippine Stock Exchange to raise funds for their respective expansion programs.

The PSE is now reviewing the listing applications of IT firm Cashrounds Inc., satellite provider Transpacific Broadcast Group International Inc. (TBGI), and property developer Supercity Realty Development Corp.

Cashrounds, a wholly-owned subsidiary of investment house Amalgamated Investment Bancorporation, is an online matchmaker for companies looking for private equity financing from institutional or strategic investors.

In a separate listing application filed with the PSE, Cashrounds said it will offer to the public a total of eight million shares, representing 28.57 percent of its total outstanding capital, at P1 per share. It has applied for listing at the PSE’s small and medium enterprise board.

Net proceeds from the offering, amounting to P6.8 million, will be used for additional working capital in anticipation of higher business volumes and transactions, hardware and software upgrades of its interactive website, and for increased marketing and promotional activities.

Tapped as lead underwriter for the offering is Abacus Capital & Investment Corp. Ten percent of the entire IPO shall be offered to local small investors.

Listed as shareholders/directors of the company are Ramon Garcia Jr., Juan Carlos Del Rosario, Rene Benitez, Stanley Saguinsin, and Paul Wong Pau Lu.

TBGI, on the other hand, seeks to list 33 percent of its common stock at the second board of the exchange. It expects to raise between P70.5 million and P90.5 million from the initial public offering, which willl be underwritten by RCBC Capital Corp.

TBGI is controlled by businessman Arsenio T. Ng, whose interests range from healthcare services to real estate development.

Proceeds from the offering will be used for marketing promotions, working capital requirements, and equipment acquisition. The company expects to establish Internet connectivity of 1,500 schools and 500 hospitals in the next five years.