01/28/2008 | 10:57 AM
Despite global market volatility, Lopez-owned Rockwell Land Corp. is eyeing to list in the Philippine Stock Exchange this year, a company official said.
In its planned initial public offering, Rockwell Land is aiming to raise some $100 million, representing about 25 percent to 30 percent of the company, to be used for the development of its projects, among others. CLSA was tapped by Rockwell to be its underwriter. Of the total size of the offering, 70 percent will be offered to foreign investors and 30 percent to local investors.
Presently, the company is 24.5-percent owned by First Philippine Holdings Corp., and 24.5-percent owned by Benpres Holdings Corp. and 51-percent owned by Manila Electric Co. FPHC, Benpres and Meralco are all majority-owned by the Lopez family.
“It will take us two to three months just to prepare for the IPO and we are still evaluating this prospect," Ninalyn Cordero, Rockwell Land assistant vice president for business development said.
The company is launching this year a 5.5-hectare themed development in C5 which was the former General Milling Property in Pasig City to be called “The Grove". The project will take about five to seven years to complete.
The Grove will have five towers and will also have retail and commercial spaces and will have a total development cost of P12 billion.
“With this project, we are aiming to make Rockwell Land more affordable," Cordero said, adding that the units will be old at 20 percent to 25 percent lower than Rockwell Center’s condominiums in Makati City.
The second project will be the redevelopment of Lopez Center in J.P.Rizal in Makati City. Benpres, which presently holds office in Pasig City, is planning to move its office into the project once completed.
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