Jolliville water subsidiary files P169-million IPO bid

MANILA, Philippines - Water distributor Calapan Ventures Inc., a wholly-owned subsidiary of publicly-listed Jolliville Holdings, is going public to raise around P169 million.

In a disclosure to the Philippine Stock Exchange, Jolliville said Calapan Ventures has filed with the Securities and Exchange Commission its registration statement covering its planned initial public offering (IPO) of 42.16 million common shares at a price of between P3 to P4 a piece.

Calapan Ventures owns 100 percent of Calapan Water Works Corp., owner and operator of the water system of Calapan in Oriental Mindoro and the water distribution system in Tabuk in Kalinga province.

Last week, Jolliville raised its stake in Calapan Ventures by buying from Febra Resources Corp., A-Net Resources Corp., Kenly Resources Corp., and Oltru Holdings Corp. their stockholdings of 3.328 million shares at P1.44 each or a total cost of P4.79 million.

Jolliville was originally incorporated by the Ting family in September 1986 as Jolliville Realty and Development Co. Inc. On April 15, 1999, the Securities and Exchange Commission (SEC) approved the change in name to Jolliville Holdings Corp., as well as the change in its primary purpose to that of a holding company.

After this transformation into a holding company, Jolliville acquired the entire capital stock of its affiliates, namely, Jolliville Group Management Inc., Jollideal Marketing Corp., Ormina Realty and Development Corp., Jolliville Leisure and Resort Corp., and Ormin Holdings Corp.

Jolliville and its subsidiaries have principal business interests in leasing, management services, property development and land banking, and a local waterworks system. It also owns a number of properties in Metro Manila, Calapan City and Puerto Galera in Oriental Mindoro. These property investments, which include parcels of urban land, provincial and beachfront properties, as well as condominium units, are held for future operations and/or development.