 "initial public offerings")
Philippines' Citicore Energy REIT Corp said on Thursday it had priced its initial public offering at 2.55 pesos ($0.05) per share in what is set to be the country's first energy-focused real estate investment trust (REIT) listing.
Philippine conglomerates and property firms have tapped the REIT mechanism to monetise mature assets and generate fresh capital for further expansion. The IPO price, which implies a dividend yield of 7% based on projected 2022 earnings, will "provide more upside to the public investors", Citicore REIT said in a statement. Citicore REIT cut its offer to 2.5 billion shares, including an over-allotment option,
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