Raslag accelerates spend of IPO proceeds by 6 monthsRaslag [ASLAG 1.68 1.20%] [link], the solar power generation company owned by the Nepomuceno Family, disclosed that its board has voted to re-allocate the disbursement schedule of its IPO proceeds to spend P380 million in mid-November of this year on paying the balance owed on the land for RASLAG-4, and funding the equity portion for RASLAG-4’s construction and development. The original schedule called for this to happen sometime in the first half of next year. ASLAG did not say why it is accelerating the RASLAG-4 project, nor did it say how the proceeds of the loan would be used. MB BOTTOM-LINEI’ve been a vocal opponent of a board’s ability to make changes to the disbursement plan of its IPO proceeds, but that’s usually because these changes are not obviously to the benefit of minority shareholders. They’re putting IPO investor cash to work sooner than anticipated.

Source: Philippine Star October 17, 2022 09:48 UTC