Citicore Subsidiary IPO Approved

Citicore Renewable Energy Corporation (CREC) received a notice from the Philippine Stock Exchange, Inc. (PSE) approving its application for listing via an Initial Public Offering (IPO).

CREC has a pipeline of renewable energy projects in the Philippines in line with its goal of adding approximately 1.0 GW of ready-to-build/under-construction solar energy capacity each year through 2027. I Photo: Citicore Renewable Energy Corporation Facebook

The Notice of Approval (NOA) issued by the PSE dated 29 January 2024 approved the listing of up to 10,042,857,143 common shares of CREC.

The NOA also cites the approved expected timetable of IPO-related activities, namely the price-setting date on 06 March 2024; the offer period on 11 March to 15 March 2024; and the tentative listing date and commencement of trading on the PSE on 22 March 2024.

The IPO consists of an offer of up to 2,900,000,000 primary common shares, or Firm Shares, and an Over-Allotment Option of up to 435,000,000 secondary common shares, at an offer price of up to Php3.88 per share.

Proceeds from the IPO will be used to partially fund CREC’s capital expenditures and pipeline development for solar energy plants and battery energy storage systems (BESS), as well as general corporate purposes.

CREC has a pipeline of renewable energy projects in the Philippines in line with its goal of adding approximately 1.0 GW of ready-to-build/under-construction solar energy capacity each year through 2027.

The PSE’s approval is subject to CREC's compliance with all PSE-mandated conditions and requirements. On 17 January 2024, the Securities and Exchange Commission issued the pre-effective approval for CREC’s IPO.

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