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Age : 62
Public asset : 1,754,891,851 USD
Biography : Mr. Enrique K. Razon, Jr., is a Chairman at Manila Water Co., Inc., a Chairman & Chief Executive Officer at Bloomberry Resorts & Hotels, Inc., a Chairman & President at ICTSI Foundation, Inc., a Chairman & President at International Container Terminal Services, Inc., a Chairman at Australian International Container Terminals Ltd., a Chairman at Bloomberry Cultural Foundation, Inc., a Chairman at Pilipinas Golf Tournaments, Inc., a Chairman at Prime Strategic Holdings, Inc., a Chairman at Sureste Properties, Inc., a Chairman at TecPlata SA, a Chairman & Chief Executive Officer at Bloomberry Resorts Corp., a Chairman & Chief Executive Officer at Wawa Jvco, Inc., a Chairman & President at Asian Tour Ltd., a Chairman & President at ICTSI Warehousing, Inc., a Chairman & President at Prime Metro Power Holdings Corp., a Chairman & President at Prime Metroline Transit Corp., a Chairman, President & Chief Executive Officer at Achillion Holdings, Inc., a Chairman, President & Chief Executive Officer at Bravo International Port Holdings, Inc., a Chairman, President & Chief Executive Officer at Collingwood Investments Ltd., a Chairman, President & Chief Executive Officer at Falcon Investco Holdings, Inc., a Chairman, President & Chief Executive Officer at Iwi Container Terminal Holdings, Inc., a Chairman, President & Chief Executive Officer at Provident Management Group, Inc., a Chairman, President & Chief Executive Officer at Quasar Holdings,inc., a Chairman, President & Chief Executive Officer at Razon Industries, Inc., a Chairman, President & Chief Executive Officer at Sureste Realty Corp., an Independent Director at CLSA Exchange Capital, Inc., a Member at American Management Association, a Member at ASEAN Business Club, a Member at Philippines, Inc.

Philippine tycoon Razon eyes up to $400 million IPO -sources

06/21/2022 | 01:06am EDT
FILE PHOTO: Enrique Razon, businessman and owner of casino operator Bloomberry Resorts, listens to a question during a stockholders meeting' in Manila

MANILA (Reuters) - Philippine ports and gaming tycoon Enrique Razon is weighing up launching an initial public offering (IPO) worth up to $400 million for his infrastructure and energy holding company, three sources familiar with the matter said on Tuesday.

The proposed IPO for Razon's Prime Infrastructure Holdings Inc's is still at an early stage, but could happen as soon as this year, two of the sources said.

Share sale proceeds would be used to fund Prime Infrastructure's solar power facility that is due to have a capacity of 2,500-3,500 megawatts (MW) combined with a 4,000 MWh to 4,500 MWh battery energy storage system. It would be the world's largest solar power facility.

"Equity is always part of the discussion when talking about fundraising options," the third source said, noting the amount of capital required was too high for the debt or loan market.

Razon, the second-richest person in the Philippines with a net worth of $6.7 billion, according to Forbes, did not immediately respond to a request for comment.

The 62-year-old tycoon built his fortune through casino-resort group Bloomberry and global port operator International Container Terminal Services.

Two foreign and two domestic banks could be involved in the share sale, said one of the sources.

The sources declined to be identified because they were not authorised to speak to the media about the transaction.

Earlier this month, Razon announced his acquisition of a controlling stake in a South China Sea gas field from a close ally of outgoing President Rodrigo Duterte. The potential deal was first reported by Reuters in May.

Seven companies have listed so far this year on the Philippines' bourse, though market conditions have become more difficult.

The broader Philippine stock market index has lost 11% so far this year, in line with Southeast Asian neighbours, due to rising inflation and higher interest rates.

(Reporting by Neil Jerome Morales; Editing by Ed Davies)

By Neil Jerome Morales


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
BLOOMBERRY RESORTS CORPORATION 1.46% 6.96 End-of-day quote.10.48%
INTERNATIONAL CONTAINER TERMINAL SERVICES, INC. 0.00% 186 End-of-day quote.-7.00%