Press Room

Malaya Business Insight | PSE approves offering of Citicore Energy REIT

Posted on January 20, 2022

The company is looking to sell to the public an initial 3.21 billion shares, divided into an initial 2.78 billion primary and secondary shares and another 418.34 million secondary shares covering the oversubscription option, at an offer price of up to P3.15 per share.


The IPO will gross an estimated P10.11 billion, Of the shares for sale, mother company Citicore Renewable Energy Corp. is selling 2.16 billion, including the greenshoe portion accruing to the company P6.8 billion.


Unicapital Inc. is the issue manager and together with BDO Capital & Investment Corp. will serve as joint global coordinators. PNB Capital and Investment Corp. and Investment & Capital Corporation of the Philippines will joint Unicapital and BDO Capital as local underwriters while CIMB Investment Bank Bhd and CLSA Limited will serve as international bookrunners.


The company intends to use the proceeds of the primary shares to acquire properties within the Citicore Group. In particular, it plans to use the net proceeds to fund its planned acquisition of the properties owned by Citicore Bulacan and Citicore South Cotabato, which operate solar power plants.

Citicore Energy REIT said the Citicore Group pioneered the Agro-Solar Social concept that promotes the shared goals of “clean power generation, agricultural production, and socio-economic development.”


The company intends to price its IPO by January 26 in time for the offer on February 2 to 8. Listing is eyed on February 17.


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Citicore Energy REIT Corp. (C-REIT)is the country’s first energy REIT, focused on delivering excellent value and attractive returns to shareholders by responsibly harnessing nature’s resources and empowering communities. C-REIT operates as a REIT upon compliance with the Philippine REIT Law.

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