BIZ BUZZ: Citicore IPO wins big
Tycoon Edgar Saavedra’s renewable firm not only advances in the clean energy space as its P5.3-billion market debut just won big at the Alpha Southeast Asia awards.
Citicore Renewable Energy Corp.’s (CREC) initial public offering (IPO) was named Alpha Southeast Asia’s Best Mid-Cap Equity Deal of the Year last week in Malaysia.
Alpha Southeast Asia is the first and only institutional investment magazine focused on the region.
CREC president and chief executive officer Oliver Tan said the recognition showed that the group remains “a valuable addition to the equity markets” as well as mirrors investors’ confidence in its targets.
“As one of the country’s largest renewable energy platforms, CREC represents the investing community’s desire to participate in the energy transition and ultimately help in powering a first-world Philippines with pure renewable energy,” Tan said.
CREC boasted that its IPO attracted both foreign and local investors, including a $12.5-million fund from the United Kingdom government’s MOBILIST Programme.
The company has set a goal of expanding its portfolio by 5 gigawatts (GW) in five years, with 1 GW fired up annually.
