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Philippines: Citicore prices $124 mn IPO, country's first energy REIT

Philippine conglomerates and property firms have tapped the REIT mechanism to monetise assets.

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Reuters Manila
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,

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Jan 27 2022 | 10:35 AM IST

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