Torre Lorenzo eyes initial public offering by 2022

TLDC and the Dusit Thani Group are partnering for Dusit D2, Dusit Thani Residences, and Dusit Beach Club in Davao and Dusit Princess Hotel in Lipa, Batangas. (Photo: Torre Lorenzo Development Corp./Facebook)

MANILA — Torre Lorenzo Development Corp. (TLDC) has set its sights on listing 30 percent of its business in the Philippine Stock Exchange (PSE) by 2022, its chief financial officer Emmanuel Rapadas told reporters.

Rapadas said this is part of the company’s plan to grow its business.

“We’re borrowing money to build projects. So, via the IPO (initial public offerings) we hope to eliminate majority of our debts. Proceeds of the IPO will be used to pay off our debts,” he said.

He added that with the liquidity in the local market in past years, companies have been emboldened to borrow money for their expansion program.

“For a very long time, we have a very liquid system. A lot of money is in the system. Many of the businessmen used that to spur their growth, and we’re no exception,” he said.

Rapadas noted that TLDC’s debt is still below the normal threshold of PHP3 of debt per PHP1 equity.

He said TLDC has also diversified from building premium university residences to the leisure market as it forged a partnership with Dusit International and Dusit Thani Philippines, Inc. to develop hotels carrying the international brand.

TLDC and the Dusit Thani Group are partnering for Dusit D2, Dusit Thani Residences, and Dusit Beach Club in Davao and Dusit Princess Hotel in Lipa, Batangas.

Rapadas mentioned that TLDC has completed six projects and is working on nine others. It is expected to launch two more projects in the near-term.