Viva Communications Inc., a Pasig City-based film and entertainment outfit established by Vicente del Rosario Jr., revived an initial public offering plan to raise up to P4 billion in fresh capital, according to an investment bank tapped to handle the offering.
Formerly known as Viva Entertainment, Viva Communications is a multi-media company known for its classic films and talented artists.
The company now plans to raise between P3 billion and P4 billion through the IPO, about 13 years after it filed an application with the Securities and Exchange Commission.
BDO Capital and Investments Corp. president Eduardo Francisco confirmed in a mobile message that Viva was reviving its IPO plan and that BDO Capital was engaged to handle the transaction.
“We are working on it, possibly P3 [billion] to P4 billion IPO,” Francisco said.
Viva Films, the movie unit of Viva Communications, announced plans early this year that it would spend P1 billion to produce 34 movies in 2020.
Viva applied an application with the SEC in 2007 to raise up to P1.2 billion in funds through a share sale. The planned IPO was deferred amid the global financial crisis.
Viva at that time was planning to sell 142.85 million common shares, including 92.85 million primary
shares and 49.99 million secondary shares for P8.10 to P12.93 per share.
It said net proceeds from the sale of primary shares would be used to finance content creation and acquisition, content production and distribution, talent and manpower development and repayment of loan obligations.
The company, which was established in 1983, has an extensive library of films, music, original TV shows, videos, concerts, books and artists and an experienced and talented production team.
Viva operates Pinoy Box Office, Tagalized Movie Channel, Celestial Movies Pinoy, Sari- Sari and Viva TV.
It also distributes top international pay TV channels like History, Lifetime, FYI, CI, H2, Blue Ant Entertainment, BlueAnt Extreme and Comedy Central in the Philippines.
The company also distributes top Hollywood, Asian and international Films in the country.
Merrymart Consumer Corp., a grocery chain owned by businessman Edgar Sia II, also announced plans to conduct a P1.6-billion IPO.
Under the plan, Merrymart will sell up to 1.59 billion common shares at an offer price of up to P1 apiece.
It said the proceeds from the maiden offering would be used to roll out stores in line with its goal to have 1,200 stores by 2030.