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MANILA, Philippines – The holding firm that owns property developer Ortigas & Co. may likely push through with its initial public offering (IPO) in the last 6 months of 2012 amid talks of a possible acquisition by the SM group.
In a statement on Wednesday, April 11, Ortigas & Co. general manager for real estate Joey Santos said OCLP Holdings is looking at raising at least $200 million from the equity market in the second half of the year.
No other details were provided.
OCLP Holdings was established in 2010 when the Ortigas group transformed holding firm Ortigas & Co. Ltd. into a corporation from a limited partnership as the group prepared for the entry of a new investor, or a stock debut or both, according to the Inquirer.
In February 2012, however, SM group confirmed to the stock exchange that it has made a $1-billion bid to acquire majority stake in Ortigas’s property group.
Since the Ortigas group is controls the 16-hectare Greenhills shopping center in San Juan City and vast track of land in the cities of Mandaluyong, San Juan, and Quezon City, a deal with the SM group would make the Sy-led firm dominant property developer in the country and could overtake giant Ayala Land Inc.
SM currently operates Megamall, one of the world’s biggest malls, in Mandaluyong, not far from Ortigases’ Greenhills and Tiendesitas complex. – Rappler.com
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