Tomas S. Noda III
Tom Noda, Philippines Correspondent for DEALSTREETASIA, has been a journalist for the past 12 years. He has worked with popular print and online media organizations such as Philstar.com (online version of The Philippine STAR), Computerworld Philippines magazine, The Manila Times national broadsheet, and Sun Star Pampanga daily community newspaper.
IPOs in the Philippines have remained scarce with only four listings in 2017.
Willibaldo Uy, and Alexander Sotto will take charge as as president and CEO, and chief operating officer of the company, respectively.
The planned acquisition is in line with Cirtek’s strategy to expand its business.
Eurazeo’s total investment is $469 million, representing a majority equity stake of approximately 80 per cent.
CDLHT intends to utilise the proceeds from the divestment mainly to repay existing borrowings to further strengthen its balance sheet.
The project cost for the duration of the 25-year concession is estimated at P12.35 Billion, with an initial equity investment of P600 million in 2018
The announcement comes barely two months after JustCo closed a Series B funding from Thailand’s largest property developer, Sansiri.
The conglomerates plan to submit an unsolicited proposal to the Department of Transportation for upgrading the airport after years of battling with each other to grab the $1-billion project.
PE firm Sierra Madre remains positive about the local market which it considers to be “underserved by global and regional PE funds, local banks, and large strategic players.”
H2O Ventures is an investment holding company engaged in the operation, maintenance, and distribution of water supply systems.