First Pacific Co says its affiliate in the Philippines, Smart Communications, has filed an application with the Philippines securities regulator for an initial public offering of new shares and listing in Manila.
The terms and timing of the offering, expected for some time, have not been finalised. It is expected to take place in the last quarter of this year or early next year, First Pacific secretary Ronald Brown said yesterday.
The application was filed with the Securities and Exchange Commission on August 2.
Metro Pacific Corp, First Pacific's listed associate in the Philippines, has a 35.27 per cent stake in Smart.
Merrill Lynch (Asia Pacific) has been appointed global co-ordinator and joint lead manager, with Jardine Fleming as another joint lead manager and Worldsec Corporate Finance co-global co-ordinator.
Smart Communications is a licensed telecommunications operator offering cellular and paging services in the Philippines, boasting more than 195,000 cellular phone subscribers at June 30. Proceeds of the offering will be used to finance Smart's expansion of its cellular and local exchange networks, repay short and medium-term debts and provide working capital.