Solar Philippines has cued for an initial public offering (IPO) a wholly owned subsidiary—instead of itself—as the group led by Leandro Leviste intended to take advantage of a Philippine Stock Exchange (PSE) rule that allows the listing of companies with nascent projects.
“We’ve decided to make Solar Philippines Nueva Ecija Corp. (SPNEC) our group’s first venture into the public markets because this is the asset that we are proudest to showcase,” Leviste said in a statement.
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