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CREIT moves listing date due 'voluminous' demand from retail investors

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ABS-CBN News

<p> <br/>MANILA - Citicore&#x27;s real estate investment trust CREIT said it moved its listing date on the Philippine Stock Exchange after voluminous transactions slowed down the processing time.</p><p>The initial public offering of its REITs was completed last Feb. 8, it said in a statement. The listing was originally set for Feb. 17.</p><p>&quot;As a result of the voluminous transactions arising from the huge number of retail and individual investors, the scheduled listing ceremony will be moved from 17 February 2022 to next week, no later than 22 February 2022,&quot; CREIT said.</p><p>Local small investors generated an oversubscription level of 124.09 percent and a total demand of 270 million shares from the 218 million allocated shares, CREIT said.</p><p>“We are grateful to the overwhelming reception of investors, owing also to the extensive market education conducted, which further increased appreciation for REITs as a new asset class,&quot; CREIT president and CEO Oliver Tan said.</p><p>Tan said the projected dividend yield based on estimated 2022 and 2023 earnings of 7 and 7.4 percent respectively, are the highest among existing REITs.</p><p>&quot;We fervently appeal for your understanding and we hope your interest and support for CREIT’s sustainable value proposition will remain strong and continue beyond the IPO listing,&quot; Tan said. </p><p>Citicore&#x27;s CREIT is the latest of the new financial instrument to launch its IPO.</p><p>REITs in the country have so far raised P76 billion in less than 2 years, data from the Department of Finance showed.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/06/02/21/2021-fantastic-year-to-raise-capital-philippines-pse">PSE president says 2021 &#x27;fantastic year&#x27; for capital raising</a></li>	<li><a href="https://news.abs-cbn.com/business/01/04/22/philippine-reits-raise-p76-billion-in-2-years-dof">Real estate investment trusts in PH raise P76 billion in 2 years: DOF</a></li></ul><div><strong>RELATED VIDEO:</strong></div><figure class="op-interactive"><iframe allow="autoplay; fullscreen" frameBorder="0" height="100%" id="ivsplayer01" scrolling="no" src="https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&amp;key=e8c22c015ca9eafa76f1e3edfa03c603&amp;spid=3001339&amp;vid=1697831" width="100%"></iframe></figure><div class="iwantbar">Watch more in <a href="//www.iwantv.com.ph/">iWantv</a> or <a href="//tfc.tv/">TFC.tv</a></div>

Citicore's real estate investment trust CREIT said it moved its listing date on the Philippine Stock Exchange after voluminous transactions slowed down the processing time.