Crown Asia eyes P222M IPO.
MANILA -- Plastic compound and pipe manufacturer Crown Asia Chemicals Corp. plans to debut on the Philippine Stock Exchange by April with a P222.78-million capital-raising exercise to expand and modernize its manufacturing hub.
Based on a prospectus filed with the Securities and Exchange Commission dated Feb. 17, Crown Asia would put about a quarter of its outstanding stocks on the block. This would translate to about 158 million primary common shares worth up to P1.41 apiece.
The offering, which is still subject to regulatory approvals, is targeted to run from April 10 to 17. Shares will be listed on the main board of the Philippine Stock Exchange on April 27.
The industrial firm based in Bulacan has mandated Abacus Capital and Investment Corp. as issue manager and underwriter for the transaction.
Proceeds from the initial public offering will fund construction of polypropylene random copolymer type and high-density polyethylene manufacturing plant and warehouse, as well as the purchase of equipment.
Crown Asia is primarily engaged in the production of plastic compounds and other related products such as polyvinyl chloride (PVC) pellets. It also manufactures plastic pipes.
The company is owned by the Villanueva and Perez families, which will collectively own 74.95 percent of Crown Asia after the offering.
Crown Asia started commercial operations in 1990 with the trading of imported polyethylene compounds and paraffin waxes. That same year, it started the production and sale of PVC compounds at its plant in Guiguinto, Bulacan.
As of Jan. 31, Crown Asia had 132 regular employees, 39 probationary employees, and 74 contractual employees.
In 2014, Crown Asia generated a net income of P65.38 million. Revenues that year reached P850.74 million. It had total assets of P829.05 million, with shareholders equity pegged at P562.90 million.
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|Publication:||Philippines Daily Inquirer (Makati City, Philippines)|
|Date:||Mar 9, 2015|
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