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MANILA - The Philippines' Securities and Exchange Commission said on Wednesday it has cleared the way for the initial public offerings of the real estate investment trust (REIT) units of Megaworld Corp and Robinsons Land Corp.
Megaworld's MREIT Inc is seeking to raise up to 27.3 billion pesos ($548.4 million), while Robinsons' RL Commercial REIT plans to offer shares worth up to 26.7 billion pesos, in IPOs set to be launched later this month.
The announcement comes as the Southeast Asian country has seen a marked increase in COVID-19 infections in recent days, and is again tightening mobility restrictions in many areas including the capital Manila.
Rising coronavirus cases and corresponding market volatility prompted food and beverages firm Del Monte Pacific to delay the IPO of its Philippine unit.
The Philippine Stock Exchange has lost nearly 8% so far this year and dropped more than 4% in the current quarter.
A clutch of Philippine firms, including newly launched REITs, and other large planned issues, could make the country Southeast Asia's biggest IPO market this year as companies aim to raise funds ahead of next year's national elections.
The REIT listings of Megaworld and Robinsons are set to follow the market debut of units of Ayala Land Inc, DoubleDragon Properties Corp, and Filinvest Land Inc.
Megaworld's REIT will offer up to 1.078 billion shares at up to 22 pesos per share, with an overallotment option of up to 161.7 million shares. The IPO will run from Aug. 23 to 27, with listing on Sept. 6, the SEC said in a statement.
Robinsons' REIT offering of up to 3.3 billion shares at up to 7.31 pesos per share, with an overallotment option of up to 305.1 million shares, will run from Aug. 31 to Sept. 8, and list on Sept. 20. REUTERS