CREIT confirms parent's plan to go public
MANILA, Philippines — Citicore Renewable Energy Corp — the parent firm of real estate investment trust company CREIT Corp. — is planning to go public to raise cash for its ambition to ramp up its clean power platform.
In a disclosure to the stock exchange on Monday, CREIT said its parent company’s plan to conduct an initial public offering “is just in the early stages”.
CREIT was responding to a news article by the Philippine Daily Inquirer. The STAR also reported about the planned IPO last month.
READ: CREIT parent to go public
Citicore Renewable has yet to determine the final size and amount of its upcoming maiden share sale, but CREIT confirmed that the IPO of its sponsor could fetch a valuation of close to $1 billion.
Moreover, Citicore Renewable has yet to finalize the details on use of proceeds from the share sale. The company has a massive pipeline of projects with a total capacity of 5,000MW, which would require an estimated $3.75 billion capital expenditure in the next five years to materialize.
Citicore Renewable has solar, run of river hydro and wind energy projects in its portfolio.
“Rest assured that we will be making the proper application and disclosures as soon as the process is formalized,” the stock market disclosure read. — Ian Nicolas Cigaral
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