A property developer is reportedly “sabotaging” the P7.7-billion initial public offering of mass housing developer Profriends Group Inc. by spreading negative stories on the company, resulting in the delay of the IPO approval.
Sources said the not-so-friendly property developer had been feeding the Philippine Stock Exchange with “negative leads” against Profriends, prompting the exchange to write Profriends to clarify the allegations before acting on the IPO application.
Profriends, in its latest prospectus filed with the Securities and Exchange Commission, informed the investing public it had moved its maiden offering to January 2015.
We could surmise that the reason why this property firm wants to sabotage Profriends’ IPO is because the P7.7-billion offering will allow Profriends to rapidly roll out new affordable house and lot development projects and acquire lands to build more housing projects.
Clue Profriends’ nemesis has distinguished itself as a real estate developer with strong focus on house and lot community projects.