Politics

Villar-led PREIT closes higher on its market debut

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PREMIERE Island Power REIT Corp. (PREIT) closed at P1.6 apiece on its market debut on the Philippine Stock Exchange (PSE) on Thursday.

“With the stock market debut of PREIT, we hope that more energy-themed real estate investment trusts (REITs), especially those based in the provinces will also consider listing their shares in the stock market,” said PSE President and Chief Executive Officer Ramon S. Monzon.

PREIT is envisioned to be the power and infrastructure REIT platform of Villar-led Prime Asset Ventures, Inc.

The company’s initial portfolio includes the land and power plant assets that are used by its sponsors: S.I. Power Corp. and Camotes Island Power Generation Corp.

These assets, which the sponsors also operate, supply power to the islands of Siquijor and Camotes with a total combined capacity of 21.2 megawatts.

Funds from the initial public offering will be given to selling shareholders and will be reinvested in the Philippines.

PREIT is eyeing to expand its assets to include solar farms that are located in various provinces in Luzon, said PSE.

On its listing day, shares in PREIT opened at P1.47 apiece, which was also its average price. Its lowest was at P1.37 each.

PREIT is the second REIT offering of the Villar group of companies after the listing of VistaREIT, Inc. in June 2022.  — Justine Irish D. Tabile