SINGAPORE/MANILA: Philippines’ Converge ICT Solutions Inc. plans to raise as much as $680 million in an initial public offering that would be the country’s largest ever, sources said on Monday, encouraged by a coronavirus-spurred boom in demand for fiber broadband.
Converge joins a host of Southeast Asian companies planning listings, including Thailand Siam Cement Group Packaging’s $1.5 billion IPO, signaling a revival in investor interest in region’s underperforming markets.
The Internet provider, which is banking on continued higher demand for online services as people study and work at home during the pandemic, has set the sale price at $0.3406 to $0.3922 per share, sources with direct knowledge of the issue said.
At the upper end, the IPO of up to 1.73 billion shares could raise as much as $678.6 million, including the over-subscription option. That would surpass the $627 million raised by Robinsons Retail Holdings Inc. in 2013.
“There’s quite a lot of excitement as this is one of the highest growth stories coming out of the Philippines,” said one source.
Seven cornerstone investors have committed to purchasing shares, including a Canadian pension fund, said the sources, who declined to be identified as they were not authorized to speak to media.
Converge, which lists US private equity firm Warburg Pincus as a minority shareholder, declined to comment.
The Philippines’ benchmark stock index has declined 24 percent so far this year, while Thailand’s has lost 21 percent.
However, the value of Southeast Asian IPOs is at $4.6 billion over the same period, up from $3.1 billion a year ago, Refinitiv data shows, mainly due to $3 billion raised by Thailand’s Central Retail in February.
Morgan Stanley and UBS are global coordinators for the Converge IPO, with BPI Capital and BDO Capital joint local underwriters. The final price is due to be announced on Oct. 9, with the offer period of Oct. 13 to 19.
Converge ICT targets Philippines biggest IPO amid regional market revival
https://arab.news/rhnq8
Converge ICT targets Philippines biggest IPO amid regional market revival
- Converge joins a host of Southeast Asian companies planning listings
- Seven cornerstone investors have committed to purchasing shares, including a Canadian pension fund
Saudi Arabia’s NDF unveils strategic partners for MOMENTUM 2025 conference
RIYADH: Saudi Arabia’s National Development Fund has unveiled the lineup of strategic partners for the Development Finance Conference MOMENTUM 2025, as the Kingdom accelerates efforts to build a more integrated development-finance ecosystem.
The conference, scheduled for Dec. 9–11 at the King Abdulaziz International Conference Center in Riyadh, will bring together policymakers, lenders and global development institutions as the Kingdom seeks to expand financing channels for key sectors.
Saudi National Bank and Arab National Bank are named Main Partners, while Riyad Bank will serve as Banking Partner, NDF said in a press release.
Bank AlJazira and Saudi Awwal Bank join as Enabling Partners, and public-sector participants include Invest Saudi, the Made in Saudi Program, and the Saudi Conventions and Exhibitions General Authority.
Riyadh Municipality also joins the list as the host city partner, while Saudi Post is the logistics partner for the conference.
“Collectively, these partnerships advance the conference’s vision of fostering collaboration among public and private sectors, contributing to Saudi Vision 2030 objectives,” the release said.
Organized by NDF, this year’s conference is convened under the theme “Leading Development Transformation.”
MOMENTUM 2025 reflects the NDF’s central role as a principal enabler of development in the Kingdom and as a strategic driver of the national development finance system through its 12 affiliated development funds and banks.
“Through this conference, NDF aims to align efforts, amplify impact, enhance coordination and integration, and build meaningful partnerships with leaders across the public and private sectors. Together, these efforts are intended to ensure sustainable growth and empower strategic sectors to deliver on national and global development goals,” the release added.
The program will feature more than 100 speakers from over 120 local and international entities, further underscoring the conference’s role as a national forum supporting the leadership’s vision of building a dynamic financing ecosystem that empowers key sectors.
Several princes, ministers, senior officials, CEOs, global leaders, development experts, and economists are scheduled to attend the conference.
The event will spotlight the contribution of the private sector and small and medium-sized enterprises in elevating the Kingdom’s economic growth, generating jobs, and boosting competitiveness.
