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CREC completed its Initial Public Offering of 1.7 billion common shares plus 178 million overallotment shares priced at P2.70 per share, allowing it to raise P5.3 billion. The IPO ran from May 27 to May 31. “This will propel the company one step closer to its vision of a first-world Philippines with pure renewable energy,” Monzon said.
Cameron said CREC is MOBILIST’s “first but not its last investment in the Philippines,” adding that it was looking to invest in more companies in the PSE.“I believe that CREC is an ideal choice for MOBILIST’s maiden investment in the Philippines, considering its criteria for selecting sustainable finance products to invest in,” he said. “This choice is shared by other institutional and retail investors as evidenced by the full exercise of CREC’s overallotment option.
Although everyone understands that the Philippines needs more power plants to address its energy needs and more renewable energy to reduce power cost, Saavaedra said that “unfortunately, most investors, their sentiments are really into fixed income .” Examples of these are Treasury bills and bonds that pay fixed interest or dividend payments, which are unlike stocks.
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The week aheadThis week is all about the Citicore Renewable Energy [CREC] IPO.
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Citicore Renewable IPO pushed back to June 7Citicore Renewable Energy Corporation pushed its IPO back one week to June 7, with a revised offer period between May 27 and May 31. This is the second time that CREC’s IPO has been rescheduled.
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