Datem defers IPO to 2016

MANILA, Philippines - Datem Inc., a construction company, has deferred its initial public offering to next year instead of Dec. 8 as earlier announced.

In an advisory posted on the Philippine Stock Exchange (PSE) website, Datem said it is deferring the listing to a later date.

Separately, sources said listing would be moved to next year. No reason was given for the deferment, but this comes amid the prevailing market volatility.

“Please be advised that Datem,Inc., together with BPI Capital Corp. and First Metro Investment Corp. as joint issue coordinators and joint lead underwriters and book runners, is deferring the company’s upcoming initial public offering to a later date,” Datem said in its advisory yesterday.

Datem said it would advise the Securities and Exchange Commission, the corporate regulator and the PSE of the revised timetable as soon as possible.

“In this connection, the company reserves the right to adjust the Terms of Offer,” it also said.

Originally, Datem had an application to list 329,046,263 shares with an offer price of up to P14.15 per share.

The offer consists of up to 286,127,185 firm shares and 42,919,078 optional shares pursuant to an over-allotment option, according to the company’s application.

Datem’s market debut was slated for Dec. 8, with an offer period from Nov. 24 to Dec. 1.

The construction giant wanted to raise funds for future projects as it becomes a bigger company.

Datem’s ongoing projects, meanwhile, include include Alphaland Makati Place, composed of three residential and office towers; Arthaland’s two-tower Arya Residences; De La Salle University’s new Rufino Campus; Federal Land Inc.’s 47-storey Grand Hyatt tower; Megaworld’s One Uptown tower, Two Central residential building and Venice Grand Canal Mall and Global Estate Resort’s Savoy Hotel in Boracay.

Its past projects include Discovery Primea, a luxury residential tower in Makati; Discovery Shores in Boracay and the Mind Museum, the Philippines’ first world-class science museum and a LEED Gold-certified building for design and construction.

So far, two companies have listed at the exchange this year, Crown Asia and SBS Philippines. Metro Retail Stores Group will list on Nov. 24.

Two other companies are set to list this year. These are green energy company Italpinas, set to list on Dec. 8 and DM. Wenceslao, on Dec. 22.