Property Company of Friends is a corporation that offers affordable and quality houses in the Philippines. They have 11 continuing projects and they have already completed 15 developments. Their main projects are located at Cavite area. They are the company behind the successful realty projects in Cavite such as Bellefort Estates, California West Hills, Carmona Estates, Greensborough Subdivision, Las Verandas Villas, Montefaro Village-West, Ridgecrest and their biggest project Lancaster New City. They also planted developments in Ilolilo such as Monticello Villas and Parc Regency Residences. As well as the Mahogany Mansion located in Metro Manila. They create communities that will transform the lives of their buyers. They also develop school, mall, iPark (call center/ bpo company), and more as their amenities on their respective projects.
Profriends had a change of plan from their original arrangement of conducting a backdoor listing to a new target of entering the initial public offering (IPO). Last June 2014, Profriends was supposedly preparing to join the local bourse via the backdoor route. Through this they will be acquiring dormant listed firm Asiatrust Development Bank Inc. Profriends target backdoor listing from the start of the year wherein they eyed to acquire to go into a publicly traded company and thus ‘go public’ devoid of an initial public offering.
Initial public offering (IPO) is also known as stock market launch. It is a type of public offering wherein a private company transforms into a public company resulting the shares of stock in the company to be sold to the public. Initial public offerings are used by private companies to raise their growth capital and to become a publicly traded enterprise.
Profriends which was established in 1999 has already accomplished 52 projects in different parts of the country. They have also already constructed more than 25,000 house units. They will be taking the means of initial public offering (IPO) to maintain land banking and project development by raising as much as 6 billion pesos.
Roberto Juanchito Dispo, the president of First Metro Investment Corp. (FMIC), the first and only publicly listed investment bank in the Philippine Stock Exchange said that Profriends is planning to do the IPO for September or October [listing]. They are targeting the amount of 5-6 billion pesos as their income this year  which is notably higher compared to their previous income of 3.5 billion pesos last 2013. The target income from the IPO will be reached by selling 10 to 11 percent of its remaining shares to domestic investors. “Profriends has been appreciated by the fund managers. They are really profitable. They are focused mainly on the bottom of the pyramid. They call it the economic low-cost housing market, which is the most unserved housing segment,” Dispo said.
Many companies have already been listed in the local bourse this year. Such companies are as follows: Top Frontier Investment Holdings Inc. (major shareholder of San Miguel Corp.), who had their listing through introduction last January. DoubleDragon Properties Corp. last April, Century Pacific Food Inc. ( Philippines’ largest canned goods producer) last May and recently the Philippine Stock Exchange has approved Phoenix Semiconductor Philippines Corp. (PSPC) (Korean-owned semiconductor outsourced manufacturer) to sell P2.66 billion worth of shares from a stock market entry.
BSHomes Realty Corp. would like to the top choice for ProFriends‘ rent-to-own homes and low-cost housing projects. Our focus is to serve renters, first time home buyers, and starting families whether employed locally or overseas own our best-selling house and lot for sale in cavite homes. To go back to our homepage, click here.