The family of singer Jose Mari Chan got an early Christmas gift as the Securities and Exchange Commission approved the P558 million initial public offering of Central Azucarera de San Antonio.
Owned by the Chan siblings, CASA plans to sell a total of 277,500 shares, consisting of 214,571 primary shares and 62,929 secondary shares at a price of P2,012.52 each.
Net proceeds from the offering amounting to P422.72 million will be used to upgrade the company’s cogeneration facility (P115 million), motor pool (P85.8 million) and sugar factory (44 million) as well as for farm mechanisation (P88.5 million) and land acquisition (P88.5 million).
The company’s primary business is sugar milling business with its facilities churning up to 8,000 tons of cane per day. It is also engaged in power generation through a biomass co-generation plant with an initial installed generation capacity of 15 megawatts.
SB Capital Investment Corp. is the issue manager and underwriter for the offer.
CASA’s major shareholders include Maria Luisa C. Chan (28.39 percent), Antonio Stephan C. Chan (26.09 percent), Antonio Steven L. Chan (19.54 percent), Maria Teresa L. Chan (11.94 percent), Lily Zenaida L. Chan (8.06 percent), and Maria Antonietta L. Chang (5 percent).