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IPO latest news

MREIT declares stable Q4 dividend - - Philippines

MREIT declares stable Q4 dividend

MREIT [MREIT 13.36, down 1.3%] [link] declared a Q4/23 dividend of P0.246/share, payable on April 26 to shareholders of record as of March 18. The dividend maintains MREIT’s annualized yield of 7.37%. The total amount of the dividend is P688 million, which is 97% of the P709 million in distributable income that MREIT reported for the quarter. Relative to MREIT's IPO price, the dividend increased MREIT's total stock and dividend return to -1.84%, up from its pre-dividend total return of -3.37%.

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The week ahead - - Philippines - Usa - Israel - Iran

The week ahead

It feels like we have a lot going on, even though the schedule is technically very light. And that was before Iran responded to Israel with a drone strike.PH:  Locally, there’s nothing to note on the official schedule, but there is a lot of movement in the background around the two upcoming IPOs (OGP and CREC) and several bond and preferred shares issuances that are at various stages of evolution/maturity. We’re still knee-deep in earnings season, so those reports should keep coming in.International:  All eyes (right now) are on gold, as it has uncharacteristically spiked like a meme stock to over $2430/oz (+15% over the past month). Then, as the week progresses, I’m sure eyes will start to peek over at the Bitcoin chart as the Halvening approaches. The current predicted date is on April 20 in the US (April 21 here). Gold markets are still closed, but Bitcoin dumped (hard) when Iran launched its attack.

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OceanaGold Philippines IPO approved by the PSE - - Philippines

OceanaGold Philippines IPO approved by the PSE

OceanaGold Philippines [OGP 17.28 pre-IPO] [link] has had its IPO approved by the PSE. The placeholder price is listed at P17.28/share, but the price is scheduled to be updated on April 23. The offer period will run from April 29 through May 6, with the IPO tentatively scheduled for May 13. The company will list under the ticker OGP, with BDO Capital acting as the domestic underwriter and stabilizing agent. The basic terms of the offer remain unchanged from the preliminary prospectus OGP supplied to the SEC back in February: OGP’s parent company is selling 456 million shares (20% of the company) for P17.28/share to raise P7.88 billion. OGP is required to list under the terms of its mining tenure agreement with the government.

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Donald Trump - Hotel101 moves one step closer to NASDAQ SPAC listing - - Philippines - Usa - Britain - county Island

Hotel101 moves one step closer to NASDAQ SPAC listing

Hotel101 [link], the global “condotel” subsidiary of Injap Sia’s Double Dragon [DD 9.10, up 8.5%; 585% avgVol], announced that it signed a definitive merger agreement with the British Virgin Island-registered JBSPAC Acquisition Corp. (JVSA), with the intent of listing the merged entity on the NASDAQ stock exchange under the symbol “HBNB”. Hotel101 said that HBNB is “expected to have an equity value of over US$ 2.3 billion” following the IPO, which Hotel101 expects to happen “during the second half of 2024”. 

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Maynilad to sell P15-B of 'Blue Bonds' to fund capex projects ahead of IPO - - Philippines

Maynilad to sell P15-B of 'Blue Bonds' to fund capex projects ahead of IPO

Maynilad Water Services [link], a subsidiary of Metro Pacific Investments (MPI) and an affiliate of DMCI Holdings [DMC 12.30, up 0.2%], disclosed its application to the SEC to sell up to P15 billion worth of fixed-rate “Blue Bonds” in the last week of May, for listing on PDEx in the first week of June. According to Maynilad, this offering is “the first PHP-denominated fixed-rate Blue Bond to be registered with the SEC”. Blue Bonds are functionally the same as regular bonds, except that the proceeds may only be used on projects that “substantially contribute” to objectives under the United Nations Sustainable Development Goals, like a reduction in greenhouse gas emissions, water savings, reduced waste, or wastewater treatment.

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PSE EASy platform now accepts online banking for payment of IPO subscriptions - - Philippines

PSE EASy platform now accepts online banking for payment of IPO subscriptions

The PSE [link] announced that it added some new features to the PSE EASy platform that allow Local Small Investors (their words, not mine) to buy IPO and follow-on offering (FOO) shares using an online banking payment system. The PSE said that payments may still be made the old-fashioned way (over-the-counter bank transactions), but that it hopes to “encourage more LSIs to use PSE EASy to buy shares when there are public offerings” by having this new online banking payment feature. The PSE also said that LSIs will also be able to modify their subscriptions to “add, reduce, or cancel the subscribed shares provided that the subscription has not been paid.”

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Brix Lelis - E-payment method added to PSE website - - Philippines - city Manila

E-payment method added to PSE website

LOCAL investors can now pay for subscribed shares via online banking with the integration of new features to the Philippine Stock Exchange Inc.'s electronic allocation system (PSE EASy) website.

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Alternergy reallocates IPO proceeds to Tanay and Alabat projects -

Alternergy reallocates IPO proceeds to Tanay and Alabat projects

Alternergy [ALTER 0.75, down 1.3%] [link], the renewable energy generation company founded by Vince Pérez (former DoE Secretary), announced that its board of directors reallocated P65 million of the IPO proceeds that were originally scheduled for the Solana Solar Project, Ibulao Mini Hydro Project, Cavite Offshore Wind Project, Tablas Strait Offshore Wind Project, and the operationalization of Green Energy Supply Solutions Inc. The funds will now be applied to the Tanay Wind Project and Alabat Wind Project, which are both scheduled to begin construction in Q2. These projects are scheduled to begin commercial operation by November 2025.

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International - Upson International FY23 profit: P464-M (down 13.7%) -

Upson International FY23 profit: P464-M (down 13.7%)

Upson International [UPSON 43.45 unch] [link], the IT retailer primarily operating through the Octagon retail brand, teased its FY23 financial results headlined by a 13.7% dip in net income to P464 million. UPSON reported a 5.8% increase in revenues to P10 billion, which the company attributed to contributions from new stores, and a 1% increase in same-store sales. This topline uptick was unfortunately outweighed by an 8.9% increase in the cost of inventories sold, contributing to a 9.5% increase in operating expenses. UPSON said that it opened 25 stores in FY23, with 12 of those openings coming in just the 4th quarter alone. UPSON blamed the bottom-line underperformance on “lower gross margin” and “pre-opening costs” from its expansion efforts.

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