• SEC approves P10.7-B fund raising by 4 firms


    The Securities and Exchange Commission (SEC) has approved the applications of four companies to raise a combined P10.7 billion in fresh capital through initial public offerings (IPO) and share sale.

    In separate notices, the SEC approved the IPO plans of SSI Group Inc., Phoenix Semiconductor Philippines Corp., and Xurpas Inc. The three firms will push for stock exchange listing in the fourth quarter.

    The SEC also approved the share sale of Del Monte Pacific Ltd., which plans to raise P125.62 million from offering 5.50 million new shares at a price of P22.84 per share.

    From their respective IPOs, the SSI Group is set to raise P7.45 billion, Phoenix Semiconductor will generate P1.73 billion, and Xurpas will have P1.3 billion in fresh funds.
    Phoenix Semiconductor’s IPO net proceeds will go its expansion projects and capital expenditures, while the SSI Group will use the funds for the expansion of its retail businesses, the FamilyMart convenience stores, and Wellworth department stores.

    Xurpas, on the other hand, will allot the P1.44 billion from its IPO to local expansion and acquisition ventures in Southeast Asia.

    “The net proceeds from the offer [will]finance expansion and acquisition plans, domestic and evolving markets within the Southeast Asia region such as Indonesia, Bangladesh and Thailand,” Xurpas said.

    In November, the SSI Group is expected list 993.9 million shares amounting to P7.45 billion, including the overallotment option. This will come from the company’s 864.2 million primary shares (80 percent) and 129.6 million secondary shares (20 percent) for the overallotment option. The stock price is at P7.50 each.

    Phoenix Semiconductor is also expected to debut in the stock market in November. The company will offer 459.39 million shares, priced at P3.76 per stock.

    Mobile platform solutions firm Xurpas is set to offer 344 million shares, priced at P4.19 each. The shares will be listed on November 12.

    Meanwhile, Platinum Group Metals Corp. is set to push its backdoor listing within the year through Southeast Asia Cement Holdings Inc. (Seacem).

    Seacem will change its corporate name to Global Ferronickel Holdings Inc. as the Platinum Group enters Seacem. After the backdoor listing, the Platinum Group plans to raise P10 billion from a follow-on offering.

    The Philippine Stock Exchange earlier said a total of 10 firms are seen going public in 2014.


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