The Securities and Exchange Commission has approved the country’s very first real estate investment trust (REIT) listing, sponsored by property giant Ayala Land Inc., that aims to sell as much as P15.1 billion worth of shares to the public this July.
In its July 9 meeting, the SEC en banc approved the registration statement of AREIT Inc. for 1,092,986,504 common shares for listing and trading on the main board of the Philippine Stock Exchange under the trading symbol “AREIT.”
The SEC will issue the corresponding order of registration and the permit to offer securities for sale upon determination that the company, formerly known as One Dela Rosa Property Development, Inc., has complied with the remaining requirements.
The registration statement covers up to 47,864,000 new common shares and up to 409,019,000 existing common shares for public offering, with an overallotment option of up to 45,688,700 secondary shares, at a maximum offer price of P30.05 per share.
AREIT may run the public offering from July 27 to 31 and debut on the Philippine Stock Exchange on August 7, based on the latest timetable submitted to the SEC.
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