The United Kingdom government is among the investors in the P5.3 billion initial public offering of tycoon Edgar Saavedra’s Citicore Renewable Energy Corp. (CREC), which listed shares on the Philippine Stock Exchange on Friday.
In a statement, CREC announced that investors included the MOBILIST program, marking the UK government initiative’s first IPO investment in the country.
This was part of their broader goal to “deliver assistance to support infrastructure development and green transmission in the Philippines and Southeast Asia”.
“With the investments made during the IPO, we have gained even more confidence in our ability to develop and expand our green energy portfolio,” CREC president and CEO Oliver Tan said on Friday.
The offer also drew other reputable domestic and international institutional investors, the company said.
“We are delighted with the outcome of CREC’s initial public offering - a testament to strong investor confidence in our vision, plans and projects,” said company chair Edgar Saavedra, who also owns listed firms Megawide Construction Corp. and Citicore Energy REIT Corp.
“The success of our latest listing motivates us to exceed expectations in fulfilling our commitment to regulators and investors,” Saavedra said.
