Philippines’ SEC approves IPOs filed by Cemex, Golden Haven

Image from Cemex.

By Tomas S. Noda III

June 3, 2016

The Securities and Exchange Commission (SEC) of the Philippines has approved the initial public offerings (IPOs) of cement maker Cemex Holdings Philippines Inc (CHP) local unit and Golden Haven Memorial Parks Inc, worth altogether $864.1 million (P40.53 billion).

CHP, a local unit of Mexico-based cement and construction materials firm Cemex, aims to raise P39.74 billion in its IPO while Golden Haven, a company owned by business magnate and former senator Manny Villar, targets around P787.12 million, according to their regulatory filing.

These are the first companies who have sought regulatory approval this year, while several firms postponed their planned IPOs in the latter part of 2015, citing “uncertainty in the capital markets.”

CHP, a local unit of Mexico-based cement and construction materials firm Cemex,  is selling up to 2.34 billion shares for P17 per share, which will be listed and traded on the Main Board of the Phillippine Stock Exchange (PSE).

CHP plans to use the proceeds to repay its short term loan incurred from the acquisition of its operating subsidiaries Solid Cement Corp and Apo Cement Corp.

For the CHP transaction, BDO Capital & Investment Corp will be the domestic lead underwriter; while the joint global coordinators and joint bookrunners will be Citigroup Global Markets Limited, JP Morgan Securities PLC (United Kingdom), and Hongkong and Shanghai Banking Corp Ltd (Singapore).

As for Golden Haven, it seeks to offer up to 74.12 million common shares priced up to P10.62 apiece. It intends to use proceeds for acquisition funding, business expansion, and working capital requirements.

The Villar group is likely to grow its memorial park business by increasing capacities of its cemeteries, columbarium facilities and funeral homes.

Golden Haven is busy expanding its present death care facilities, products and services via undertaking land and site development of the undeveloped areas of its existing memorial parks, land acquisition, and the construction and completion of new memorial chapels and crematory facilities.

Also Read:

Philippines: Property firm Italpinas raises $4.4m in IPO debut, targets BPO, tourism sectors

SBS Philippines raises $22m from IPO, shares soar nearly 50% on debut

Philippines: Ayala Land sells $172.4m bonds, RHI seeks $26.5m via SRO, Vista Land enters hotel biz

Philippines: DM Wenceslao gets SEC nod for $460m IPO, tipped to be largest issue in 2015

Philippines: Property firm Italpinas raises $4.4m in IPO debut, targets BPO, tourism sectors

SBS Philippines raises $22m from IPO, shares soar nearly 50% on debut

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.
APPLY NOW

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.
APPLY NOW