Hydropower Boost: SyCipLaw Advises China Bank in IPO of Repower Energy
SyCipLaw was legal counsel to China Bank Capital Corporation in the Initial Public Offering (IPO) of Repower Energy Development Corporation (REDC), the hydropower arm of Pure Energy Holdings Corporation (PEHC). The IPO involved 200 million primary common shares, with an over-allotment option of up to 30 million secondary common shares, with an offer price of PhP5 per share. China Bank is the IPO's Sole Issue Manager, Lead Underwriter and Sole Bookrunner.
The IPO proceeds of Php1 billion (less taxes, costs and expenses) from the sale of the primary common shares are intended to partially fund REDC's existing hydropower projects, the development and acquisition of other renewable energy projects, and operating and capital requirements.
In a statement, REDC president and chief executive Eric Peter Roxas said, "[A] public listing is a key milestone for REDC, with majority of the use of proceeds allocated for the completion of two of its ongoing projects. This will lead towards fulfilling our goal of uplifting Filipinos' living standards through clean, accessible, and affordable energy consistent with the United Nations' Sustainable Development Goals."
Apart from hydropower, the PEHC group has member-companies involved in bulk water and distribution, solar and geothermal energy.
The SyCipLaw team included Melyjane G. Bertillo-Ancheta (lead partner), together with Hiyasmin H. Lapitan (partner), and Javierose M. Ramirez (senior associate).