MANILA - The Securities and Exchange Commission said Wednesday it has cleared the real estate investment trust (REIT) initial public offering sponsored by Citicore Renewable Energy Corporation (CREC) and Citicore Solar Tarlac 1 Inc.

The Commission en banc resolved to render effective the registration statements of Citicore Energy REIT Corp (CREIT) covering 6.5 billion common shares, the SEC said in a statement. 

The IPO includes up to 1 billion primary shares priced at up to P3.15 per share with 1.7 billion secondary shares to be offered by Citicore Renewable Energy Corp (CREC) which has an oversubscription option of up to 418.3 million shares, the SEC said citing filing documents. 

Proceeds from the secondary offer will go to CREC amounting to P6.61 billion, assuming that the overallotment option is fully subscribed. This will be reinvested in the Philippines, the filing said. 

The offer will run from Nov. 26 to Dec. 3 before listing on the main index of the Philippine Stock Exchange on Dec. 13. 
 

CREIT said it aims to focus on income-generating renewable energy real estate properties, including land and properties used for harnessing power. 

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