The Securities and Exchange Commission said Monday it approved the listing of LFM Properties Corp., a company owned by listed flour manufacturer Liberty Flour Mills Inc., on the stock exchange by way of introduction or without public offering.
LPC, a real estate company incorporated in 1995 under its original name Alfaro Land Holdings Corp., derives revenues from lease rentals of real estate properties owned by the company in the central business districts and commercial hubs of Metro Manila.
The SEC said it approved the registration of 10.35 billion common shares of LFM in LPC as property dividend to stockholders as of Dec. 18, 2020. Eligible stockholders will receive 69 shares of LPC for every LFM share they own.
LPC will then list by way of introduction on the small, medium and emerging board of the Philippine Stock Exchange. LPC will have an initial listing price of P0.107 per common share.
Under the PSE rules, listing of securities by way of introduction may be done when the stocks of an unlisted company are distributed by way of property dividend by a listed company to shareholders.
LFM’s ownership in LPC will drop to 60.11 percent after the listing, while Parity Values Inc. will own 16.11-percent interest. Public float will be at 22.78 percent.
LFM plans to develop projects in the Ortigas CBD within the next seven years. It also plans to expand its land bank in Cavite, Laguna, Batangas, Rizal, Quezon and Metro Manila.
Listed firm AbaCore Capital Holdings Inc. also announced in June plans to list wholly-owned unit Philippine Regional Investment Development Corp. by way of introduction.
Rockwell Land Corp., Integrated Micro-Electronics Inc. and Altus Property Ventures Inc. were among the companies that also took the same listing route.