The share price of Villar family’s Prime Island Power REIT Corp. rose 6.7 percent on its debut in the stock market, bucking the market’s downward movement.
PREIT opened at P1.47 and hit an intra-day low of P1.37 before closing at P1.60. It is the first company to be listed under Prime Asset Ventures Inc., the holding company of Manuel Paola Villar, the eldest son of real estate tycoon Manuel Villar.
“For PAVI, this occasion is a significant milestone and represents the first step towards realizing our commitment to pursuing critical community infrastructure initiatives that would not only provide our shareholders and investors meaningful and reliable returns but also the opportunity to contribute to capacity building for our country,” Villar said during the listing ceremony Thursday.
Villar said the group planned to expand its portfolio to include assets that would be utilized for clean, sustainable and renewable power generation to address the country’s emerging power requirements.
PREIT’s initial portfolio of land and power plant assets are situated in the island province of Siquijor and the Camotes Group of Islands. Jenniffer B. Austria