SEC clears Hann Holdings initial public offering
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SEC clears Hann Holdings initial public offering
MANILA -- The Securities and Exchange Commission (SEC) has approved the initial public offering (IPO) of resort developer Hann Holdings Inc.
MANILA -- The Securities and Exchange Commission (SEC) has approved the initial public offering (IPO) of resort developer Hann Holdings Inc.
In a statement, the SEC said its commission en banc approved the firm's registration, which covers up to 2.5 billion common shares.
In a statement, the SEC said its commission en banc approved the firm's registration, which covers up to 2.5 billion common shares.
Hann Holdings will offer 500 million primary shares at P23.60 each. This already includes an overallotment option of up to 50 million shares to be offered by its selling shareholder, Hann Group Holdings W.L.L., at the same price.
Hann Holdings will offer 500 million primary shares at P23.60 each. This already includes an overallotment option of up to 50 million shares to be offered by its selling shareholder, Hann Group Holdings W.L.L., at the same price.
The IPO is expected to raise P11.43 billion, which will fund expansion plans and general corporate expenses of its wholly-owned subsidiary, Hann Philippines Inc.
The IPO is expected to raise P11.43 billion, which will fund expansion plans and general corporate expenses of its wholly-owned subsidiary, Hann Philippines Inc.
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Hann Philippines owns Hann Casino Resort, an integrated resort in Clark Freeport Zone in Pampanga. The company is also developing Hann Reserve, a luxury estate development that will include villa residences, condominiums, and an 18-hole championship golf course.
Hann Philippines owns Hann Casino Resort, an integrated resort in Clark Freeport Zone in Pampanga. The company is also developing Hann Reserve, a luxury estate development that will include villa residences, condominiums, and an 18-hole championship golf course.
The offer period is from September 9 to 15, in time for its listing on the Philippine Stock Exchange main board on September 23.
The offer period is from September 9 to 15, in time for its listing on the Philippine Stock Exchange main board on September 23.
CLSA Limited will act as the sole global coordinator and joint bookrunner, while Asia United Bank Corporation, BDO Capital & Investment Corporation, China Bank Capital Corporation, and PNB Capital and Investment Corporation will be the domestic underwriters.
CLSA Limited will act as the sole global coordinator and joint bookrunner, while Asia United Bank Corporation, BDO Capital & Investment Corporation, China Bank Capital Corporation, and PNB Capital and Investment Corporation will be the domestic underwriters.
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