Metro Manila (CNN Philippines, September 20) — A wholly-owned subsidiary of Robinsons Land Corporation (RLC) has applied for a permit to list its shares at the local bourse by way of introduction.
In a prospectus sent to the Securities and Exchange Commission, Altus Property Ventures, Inc. (AVPI) said it will distribute as property dividends and list to the Philippine Stock Exchange 100 million common shares valued at ₱10.10 apiece. The price was determined by Navarro Amper & Co.
Introductory listing allows a company to be listed at the PSE without having to hold an initial public offering (IPO) right away. However, AVPI will be required to sell shares to the public within a year from its listing date. IPOs take only months to list.
“As of the date of this prospectus, the issuer has an authorized capital stock of 100,000,000 comprised of 100,000,000 common shares, with a par value of ₱1 per common share,” the company said.
AVPI said there will be no proceeds from the dividend distribution and listing.
RLC, the real estate unit of JG Summit Holdings, Inc., on July 31 said its board of directors had approved the declaration of AVPI’s dividend consisting of 100 million common shares valued at P1 each.
AVPI currently owns and operates Robinsons Place Ilocos in Ilocos Norte.
Shares in RLC closed at ₱25.05 each Friday while JG Summit shares ended at ₱75.30 apiece.
