SEC clears public offerings by Repower Energy Development Corporation, and Fora Services, Inc.

​The Securities and Exchange Commission (SEC) has considered favorably the initial public offering of  Repower  Energy  Development  Corporation, and the public offering by Fora Services, Inc. of participation certificates for a condotel in Tagaytay.

In its May 4 meeting, the Commission En Banc resolved to render effective the registration statements of Repower Energy covering 650,000,002 common shares and of Fora Services covering 164 certificates of participation, subject to the companies’ compliance with certain remaining requirements.

Repower Energy 

Repower Energy will offer to the public 200 million common shares priced at up to P5 per share. The initial public offering will also include an overallotment option of up to 30 million common shares to be sold by the company’s shareholder, Pure Energy Holdings Corporation.
 
The shares will be to be listed and traded on the Main Board of the Philippine Stock Exchange (PSE).
 
The company expects to net P949.5 million from the offer, which will be used to fund the equity portion of its hydropower projects, the development and/or acquisition of renewable energy projects, and operating and working capital requirements. It will not receive any proceeds from the sale of common shares held by its selling shareholder.
 
Repower Energy is the hydropower arm of Pure Energy Holdings, led by businessman Dexter Y. Tiu. The company oversees the operation of a total of six hydropower plants with a combined capacity of 10.146 megawatts. Its
 
The IPO will run from June 5 to 14, in time for listing at the PSE on June 23, based on the latest timetable submitted to the SEC.
 
Repower Energy engaged China Bank Capital Corporation as the sole issue manager, lead underwriter, and sole bookrunner for the transaction.

Fora Services
 
Fora Services will offer to the public 164 certificates of participation in the Quest Hotel Tagaytay Project located in Fora Rotunda Tagaytay in Tagaytay City, with the price of each certificate ranging from P187,700 to P440,700.
 
The certificates will be offered and sold exclusively to the buyers of the 164 rooms in Quest Hotel Tagaytay, which will be operated and managed as a condotel.
 
Certificate holders will then be entitled to receive a payment of distributable participation interest annually and room use privilege for up to 14 nights in the condotel per year.
 
The certificates will be offered and sold by Fora Services’ affiliate, Filinvest Land Inc. through its network of registered brokers and securities salesmen. Foreign ownership shall be limited to 40% of the total value of certificates, in accordance with the nationality restriction applicable to condominium projects.
 
Net proceeds from the offering could amount to P33.3 million, which will be used for pre-operating expenses, condotel expenses, technical fees, working capital buy-outs, as well as working capital requirements.
 
Fora Services is a wholly-owned subsidiary of Filinvest Hospitality Corporation, which in turn is a subsidiary of listed holding firm Filinvest Development Corporation.