Citicore Renewable Energy Eyes Major Growth With Initial Public Offering

In a strategic move to energize its ambitious expansion plans, Citicore Renewable Energy Corporation (CREC) has officially filed a registration statement with the Philippine Securities and Exchange Commission, paving the way for a groundbreaking initial public offering (IPO) of its Common Shares.

Empowering Tomorrow: Citicore Renewable Energy's Bold IPO Marks a Green Revolution in the Philippines

In a landscape where green initiatives are gaining momentum, CREC's IPO signals not only a financial milestone for the company but also a significant stride toward a cleaner and more sustainable energy future in the Philippines.

Under the proposed IPO, CREC aims to issue up to 2,900,000,000 shares at a price of up to Php3.88 per share, with an over-allotment option of up to 435,000,000 additional shares.

If all goes as planned, the maximum gross proceeds could reach an impressive Php11.25 billion, excluding potential proceeds from the over-allotment option.

The net proceeds from the IPO are earmarked for CREC’s capital expenditures and pipeline development, reinforcing the company's commitment to sustainable energy solutions.

The exact timing, final offer price, number of offer shares, and allocation of proceeds remain contingent on market conditions and regulatory approvals.

As a critical step in this financial milestone, a draft of the preliminary offering circular has been submitted for review and approval to both the Philippine Securities and Exchange Commission and The Philippine Stock Exchange.

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