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Profriends Group Moves IPO to H2

Affordable housing developer Profriends Group, Inc. is moving its initial public offering (IPO) plans to the latter half of the year as it updates the financial statement it attached to the fund raising plan's prospectus.

The prospectus' current financial statement has exceeded the prescriptive 135-day life for a prospectus that updating it is necessary, said Profriends chairman Guillermo Choa in an interview at the sidelines of the Asia Real Estate Summit.

"We're going for the June 30 statement because there's no point (in keeping the present one), because the 135 days has already lapsed. So the IPO would now be in the latter part of the year," said Choa.

The company looks to sell to the public 385.75 million unissued shares at an indicative price of P20 per share, for total proceeds of P7.44 billion.

Tapped as underwriters were First Metro Investments Corp. and BDO Unibank, Inc.

The company plans to use P3.11 billion from the IPO proceeds for all its nine ongoing projects in Cavite, Iloilo, Pampanga and Quezon City.

Apart from project development, the IPO proceeds will also be used for investment in-house project financing worth P2.48 billion through unit Williamton Holdings, Inc. and expansion of land bank at P1.24 billion.

The company is looking for more lands in Cavite, Iloilo and Cagayan de Oro.

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