MANILA, Philippines – Property developer Sta. Lucia Land Inc. (SLI) has deferred a follow-on offering (FOO) or re-initial public offering of shares worth P8.4 billion, citing “volatile” market conditions. The decision to defer the FOO was made upon further consideration and extensive discussions between SLI and China Bank Capital, issue manager, underwriter and bookrunner, SLI...
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MANILA, Philippines — Japan’s Mitsubishi Corp., is collaborating further with Ayala Corp. in the future even after reducing its stake in the Philippines’ oldest conglomerate. Mitsubishi has been a partner of Ayala since 1974, collaborating in various projects in the Philippines. The partnership is not likely to end, a representative from Mitsubishi said over the weekend....
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AYALA LAND, Inc. (ALI) may postpone its real estate investment trust (REIT) offering to next year, as it waits for the final guidelines to be released by the Securities and Exchange Commission (SEC). “If we can get it this year, or early next year, we’ll just adhere to the SEC timeline, which is really now about the release of the new guidelines,” ALI Chief Finance Officer Aug...
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The Securities and Exchange Commission (SEC) is lowering the minimum public ownership requirement for firms seeking to enlist using the Real Estate Investment Trust (REIT) framework in the proposed amendments to the law’s implementing rules and regulations (IRR). Among other changes to the IRR of Republic Act 9856, or the REIT Act of 2009 released for public comment, the SEC relaxed the p...
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Real Estate Investment Trusts (REITs) had been gaining propulsion globally for many years. Locally however, since the introduction of REITs a decade ago, industry players have yet to launch the first such offering to the public. Recently, there have been positive regulatory developments that are expected to provide an attractive landscape for potential players to proceed. While it is true that the...
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FOR more than two decades, many different versions of a proposed National Land Use Act (NLUA) have languished in Congress. I recall that even under the previous administration, the passage of the NLUA Bill was certified as urgent, but, until now, no version of the bill has been enacted into law. The call by President Rodrigo Duterte for Congress to pass the NLUA before the end of the year should p...
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