Primark is and will be, a town center that provides the provinces, towns and small communities with all their basic everyday needs, as well as a shopping experience that is more convenient and closer to home.
It aims to be the primary market, where people will go for their basic needs.
Town mall developer Philippine Primark Properties Inc. obtained the green light from the Securities and Exchange Commission to proceed with its planned P1.2 billion initial public offering (IPO).
According to its registration statement filed with the corporate regulator, Primark (formerly LKY Group) will offer 704.46 million primary shares at P1.70 per share.
Of the net proceeds, P867 million will go to the construction of town centers, targeted to be disbursed in the first half of the year.
Mall builder Philippine Primark Properties, Inc. might be the first company to go public this year after its P1.2-billion initial public offering (IPO) set in April made it to the list of deals that was recently approved by the corporate regulator.
On Tuesday afternoon, the Securities and Exchange Commission (SEC) en banc approved three capital market deals with a combined worth of more than P120 billion.
THE SECURITIES and Exchange Commission has approved a P1.2-billion initial public offering (IPO) planned by commercial property developer Primark Properties Inc. this year.
Based on an official document, Primark was authorized to sell 704.46 million new common shares at a maximum price of P1.70 per share.
The company intends to use proceeds from this stock debut to complete construction of new town center projects and renovation of existing ones, fund future developments in other locations and cover general working capital purposes.
THE SECURITIES and Exchange Commission (SEC) has cleared for launch roughly P124 billion in capital-raising initiatives that capitalized on the changes to the securities rules.
The SEC, in an en banc meeting yesterday, approved the P73-billion preferred share sale of San Miguel Corp., the P50-billion fixed-rate bond issuance of Ayala Land, Inc. and the P1.2-billion initial public offering (IPO) of Philippine Primark Properties, Inc., Armando A. Pan, officer-in-charge of the Office of the Commission Secretary, said in a telephone interview yesterday.
The Securities and Exchange Commission en banc approved on Tuesday P124.2 billion worth of fund raising activities, signaling the return of listed companies to the capital markets.
SEC commission secretary Armando Pan Jr. said the regulator approved the P72-billion preferred shares offering of conglomerate San Miguel Corp., the P50-billion bond offering of property developer Ayala Land Inc. and the P1.2-billion initial public offering of community mall builder Philippine Primark Properties Inc.
Documents filed with SEC showed San Miguel would initially issue P30 billion worth of preferred shares this month, with the balance to be placed under shelf registration.
Philippine Primark Properties, Inc. announced the opening of five Primark malls later this year in line with their goals of expansion and following the success of its previously established malls. Primark malls will be built in five different areas in Luzon namely Paliparan, Cavite; Binmaley, Pangasinan; Bambang, Nueva Vizcaya; Cauayan, Isabela and Tuguegarao, Cagayan and will open their doors to the public later this year.
According to PPPI, the locations were strategically chosen in terms of accessibility to the public and potential for business growth. The towns of Paliparan, Bambang, Binmaley, Cauayan and Tuguegarao are considered first class municipalities making them the ideal target sites for the construction of the said Primark malls. In partnership with Savemore, Ace Hardware, Chinabank and BDO, among any other establishments, the soon-to-be-opened Primark malls aim to offer their customers a complete and high quality shopping experience.
Primark has opened its third Primark mall in Sorsogon City July 9 of this year. The promising economic activity in Sorsogon has led Primark to establish the latest addition to its chain of malls in the Philippines, said a representative of Philippine Primark Properties Inc. in a statement.
Primark Sorsogon 1, also known as Sorsogon Shopping Center, situated in Barangay Sulucan, and Primark Sorsogon 2, situated in Barangay Sampaloc, preceded the newly opened Primark Sorsogon 3.
Located in Barangay Talisay, Primark Sorsogon 3 will cater to the residents of Sorsogon City and neighboring towns. Primark Sorsogon 3 also sits beside St. Peter and Paul Arcade, an extension commercial building of the local Cathedral.
The new mall has a total gross floor area of 3,000 square meters (sqm). It houses the second SM Savemore in Sorsogon in its first floor. The fast food chain McDonalds, is also set to occupy a space in the mall.
This is the second Primark mall to open in the Philippines this year, with Primark Echague in Isabela being the first to open last April.