Citicore files registration application with SEC for IPO

Citicore Renewable Energy Corporation (“CREC”) today announced that it has filed a registration statement with the Philippine Securities and Exchange Commission relating to a proposed initial public offering of its Common Shares.

Under the terms of the Offer, CREC plans to issue up to 2,900,000,000 shares, at a price of up to Php3.88 per share, and an over-allotment option of up to 435,000,000 additional shares may be exercised.

Assuming a final offer price of Php3.88 per share and assuming a final offer of 2,900,000,000 firm shares, a maximum amount of gross proceeds of Php11.25 billion may be raised from the Offer, excluding proceeds from the exercise of the over-allotment option.

Net proceeds from the Offer are intended to be utilized for CREC’s and its subsidiaries’ capital expenditures and pipeline development.

The timing of the Offer, final offer price, final number of offer shares, and allocation of the proceeds will depend on market conditions, the circumstances surrounding the Offer, and will be subject to favorably securing the necessary regulatory approvals.

A draft of the preliminary offering circular has been filed with the registration statement for review and approval of the Philippine Securities and Exchange Commission and The Philippine Stock Exchange.

Citicore Renewable Energy Corporation (“CREC”) is a leading pure-play renewable energy platform focused on and committed to the development and operation of solar, hydro and wind projects in the Philippines.

CREC, directly and through its subsidiaries and joint venture, manages a diversified portfolio of renewable energy generation projects, power project development operations and retail electricity supply.

CREC is also the sponsor of the Philippine’s first renewable energy REIT, Citicore Energy REIT (CREIT). For more information, please visit www.crec.com.ph.