Filinvest aims to boost freefloat

Property developer joins "re-IPO" trend among Philippine companies with $215 million share sale.

Property developer Filinvest Land on Monday kicked off the roadshow for a secondary share sale of about $215 million, making it the first Filipino company to tap the international ECM market this year.

However, the offer is part of a trend that began in 2005 and which has seen several Manila-listed companies launch what is effectively a ôre-IPOö to boost their free-float and increase the international ownership of their stock.

The sale will comprise 6.21 billion shares, including a greenshoe...

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