SUMMARY
This is AI generated summarization, which may have errors. For context, always refer to the full article.
MANILA, Philippines – The Securities and Exchange Commission (SEC) en banc has approved the P2.7 billion initial public offering (IPO) of Concepcion Industries, a local producer of air conditioning units, refrigerators and freezers.
Based on the company’s filing with the SEC, Concepcion Industries will sell 74.96 million primary and secondary shares at P31.45 per share. The company has also set aside 11.24 million shares to cover overallotments.
The shares will be offered from November 5 to 11. Listing date has been tentatively set on November 15.
Up to 70% of the offer shares would be allotted for overseas investors and 30% for local investors. Maybak ATR Kim Eng Capital Partners Inc. is the underwriter.
Concepcion Industries has been in producing products for the domestic market for over 30 years.
It is known for its several notable brands that include Carrier, Condura, Kelvinator and Toshiba-Carrier.
In 1998, Concepcion group and Carrier Corp. of the United States formed Concepcion-Carrier Air Conditioning Co., which is now the country’s leading cooling solutions provider with a 35% market share.
Banking on the brisk construction and sales of residential condominiums, office buildings, hotels, shopping malls and mixed-use development, Concepcion-Carrier president Raul Joseph Concepcion earlier said he expects the company’s sales to increase by 15% to 16% this 2013 from P4.6 billion in sales posted in 2012. – Rappler.com
Add a comment
How does this make you feel?
There are no comments yet. Add your comment to start the conversation.