Advertisement

Real estate competitor not a fan of Profriends

A property developer is reportedly “sabotaging” the P7.7-billion initial public offering of mass housing developer Profriends Group Inc. by spreading negative stories on the company, resulting in the delay of the IPO approval.

Sources said the not-so-friendly property developer had been feeding the Philippine Stock Exchange with “negative leads” against Profriends, prompting the exchange to write Profriends to clarify the allegations before acting on the IPO application.

Profriends, in its latest prospectus filed with the Securities and Exchange Commission, informed the  investing public it had moved its maiden offering to January 2015.

We could surmise that the reason why this property firm wants to sabotage Profriends’ IPO is because the P7.7-billion offering will allow Profriends to rapidly roll out new affordable house and lot development projects and acquire lands to build more housing projects.

Clue Profriends’ nemesis has distinguished itself as a real estate developer with strong focus on house and lot community projects. 

COMMENT DISCLAIMER: Reader comments posted on this Web site are not in any way endorsed by Manila Standard. Comments are views by manilastandard.net readers who exercise their right to free expression and they do not necessarily represent or reflect the position or viewpoint of manilastandard.net. While reserving this publication’s right to delete comments that are deemed offensive, indecent or inconsistent with Manila Standard editorial standards, Manila Standard may not be held liable for any false information posted by readers in this comments section.
AdvertisementKPPI
Advertisement