PSE okays Supercity Realty IPO

The Philippine Stock Exchange (PSE) has approved the listing application of construction firm Supercity Realty Development Corp. for the public sale of its shares.

The company is offering a total of 50 million new common shares at P1 per share. The shares will represent 45.45 percent of Supercity’s issued and outstanding capital stock immediately after the offer.

With the approval of its application, the listing of its shares has been set on Dec.19, following the initial public offering (IPO) period on Nov. 25.

The share offering shall be underwritten on a firm basis by Abacus Capital & Investment Corp.

Supercity is engaged in the business of construction and related services and activities. It is authorized to act as a contractor or subcontractor for the construction of houses, buildings, roads, bridges and other construction projects for the private sector or the government.

Listed as incorporators of the firm are Ferdinand Soliman, Mylene Lim, Wilfred Uy and Nimfa Leonco.

The company’s major completed and ongoing projects include the Mabuhay City subdivision in Cabuyao, Laguna; Jubilation New Binan Subdivision in Binan, Laguna; and Eastwood Greenview Subdivision in Rodriguez, Rizal.

Supercity’s IPO will nearly coincide with satellite broadcast firm Transpacific Broadcast Group International Inc.’s (TBGI) own offering from Nov. 17 to 28, with listing date set on Dec. 12.

The PSE approved yesterday the listing application of TBGI covering 76.64 million common shares or 37 percent of its outstanding capital.

The shares will be sold to the public at P1.18 to P1.48 per share for a total amount of between P90.4 million to P113.4 million.

RCBC Capital Corp. has been tapped as lead underwriter for the issue. Ten percent of the total number of shares to be offered to the public will be available under the small investors plan.

TBGI started commercial operations of its satellite broadcast facilities in the first half of 1996. It is a duly-registered Clark Special Economic Zone enterprise with a 25-year lease agreement to build, maintain and manage a satellite earth station within the CSEZ. – Zinnia de la Peña