D.M. Wenceslao defers market debut to 2016

MANILA, Philippines - Property giant D.M. Wenceslao & Associates Inc.  and brokerage firm Phil Stocks Financial Inc. may defer its market debut to 2016 instead of this year as they are still determining the perfect timing for the initial public offering.

 “They are not in a hurry,” Securities and Exchange Commission spokesperson Arman Pan said.

D.M. Wenceslao, a 50-year-old company, is planning to raise P21.72 billion from the IPO, originally slated in November.

In a prospectus earlier filed with the Securities and Exchange Commission, D.M. Wenceslao said it planned to sell up to 493.54 million shares, including an overallotment option of 64.37 million shares, at a maximum price of P44 each.

Proceeds would be used for expansion of existing projects.

In an interview with The Star last month, Delfin J. Wenceslao, Jr. chairman and president of D.M.Wenceslao said the listing date may be moved depending on the advise of the banks handling the transaction.

Another IPO that is looking to defer its public offering is brokerage firm Philstocks Financial, Inc., which is hoping to raise up to P185 million from the sale of 98 million primary shares at P1.88 per share.

This developed as the SEC may soon approve the plan of SL Agritech to issue up to P1 billion in commercial papers.

“We’re targeting this year. Before the year ends, hopefully we can get the approval,” said Jose Fidel Acuna of Pacis and Reyes law firm, the legal counsel of the company.

Bulk or 65 percent of the proceeds would be used for seed production while 35 percent for brown rice production.