The Securities and Exchange Commission (SEC) said Wednesday it approved the P1.17-billion initial public offering of Dagupan Electric Corp. (DEC).
DEC, incorporated in 1961, is engaged in the distribution of electricity in Pangasinan province and services 135,445 customers in Dagupan City and municipalities of Calasiao, Sta. Barbara, San Fabian, San Jacinto and Manaoag and Barangays Bolingit and Cruz in San Carlos City.
DEC, based on a registration statement filed with the SEC, will offer up to 2.2 million shares at P533 apiece.
It said it would use the net proceeds to finance capital projects related to its electricity distribution services over a three-year period. These include the construction of a new substation in Sta. Barbara, Pangasinan and line extension, rehabilitation and upgrades, among others.
The offering will run from Jan. 8 to 12, 2024, based on the latest timeline submitted to the SEC.
DEC tapped Penta Capital & Investment Corp. as the sole underwriter for the offering.
The SEC also approved the public offering of Pampanga-based Angeles Electric Corp. in compliance with Republic Act No. 9136, or the Electric Power Industry Reform Act, which states that generation companies should offer and sell to the public a portion not less than 15 percent of their common shares.
Meanwhile, the SEC also approved the P32-billion bond shelf registration of Filinvest Development Corp. (FDC).
FDC will offer the peso-denominated bonds in tranches within a period of three years. For the first tranche, it will sell up to P7 billion, with an oversubscription option for another P3 billion.
FDC said it would use the proceeds to partially finance the redemption of its maturing bonds and capital expenditures and general corporate purposes.
The offer period will be from Jan. 25 to 31, 2024, in time for listing on the Philippine Dealing and Exchange Corp. by Feb. 7, 2024.
FDC hired BDO Capital & Investment Corp., BPI Capital Corp., China Bank Capital Corp.,, East West Bank, First Metro, Land Bank of the Philippines, RCBC Capital Corporation and SB Capital Investment Corp. as joint lead underwriters and bookrunners for the transaction.