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A COMPANY that supports other firms’ supply chain management is
not backing out of its plan to sell its shares to the public for the
first time despite the volatile stock market.
“It’s only a matter of when” the company
will conduct a maiden share offering amid the uncertain market,
which already forced number of companies backing out of plans, Dante
Briones, BayanTrade Inc. president and chief executive, said.
“The intent is to go for it, as long as the
market condition is all right. We’re gonna go for it,” Briones
said on the sidelines of BayanTrade’s anniversary celebration late
Thursday.
He said the company’s board will meet in
August to discuss and determine when they will launch BayanTrade’s
initial public offering (IPO), citing the weakness of the local
bourse is beyond anyone’s control.
“We have to meet with the shareholders because
we closely monitor what’s going on in the market,” he said.
BayanTrade plans to raise funds for its capital
expenditures, which include the establishment of a US sales and
marketing office estimated to cost $52,000.
Rose Lily Gilbero, Bayan-Trade vice president
for finance, earlier said the firm is confident that it can weather
the uncertain market and is unfazed by the planned IPO of several
companies.
Based on documents from the Securities and
Exchange Commission, BayanTrade plans to sell 29 million common
shares equivalent to 36.9 percent of the company through a primary
offering. Estimated proceeds from the share sale would reach P122
million at a minimum price of P4.21 per share. BPI Capital Corp. was
tapped as issue manager and lead underwriter. BayanTrade had planned
to list at the Philippine Stock Exchange on May 15.
Its main business is providing companies here
and abroad with strategic sourcing, procurement, supply management
solutions, technology-enabled business solutions and global
operational support through its voice-enabled business processing
outsourcing arm.
-- Chino S. Leyco
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