William Belo uses up all of Wilcon’s P7B IPO funds in five years
Property

William Belo uses up all of Wilcon’s P7B IPO funds in five years

Bilyonaryo William Belo has disbursed the entire P7.04 billion he raised from the initial public offering of Wilcon Depot in 2017.

In a report to the Philippine Stock Exchange (PSE), Wilcon Treasurer Mark Andrew Y. Belo said Wilcon spent the remaining P101.350 million IPO funds for Wilcon’s store expansion in 2021.

Wilcon spent a total of P6.121 billion or 87 percent of its IPO funds for store expansion in the last five years.

The rest of the funds were used for debt repayment and general corporate expenses.

 

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