Altus Property Ventures Inc., a unit of Robinsons Land Corp., plans to list its shares with the Philippine Stock Exchange through listing by way of introduction, or without initial public offering.
Altus Property said Friday in a filing with the Securities and Exchange Commission it would list 100 million common shares with an initial listing price of P10.10 apiece
Listing by way of introduction allows a company to list its shares with the exchange without immediately selling them to the public.
Under the PSE rules, listing of securities by way of introduction may be appropriate when the stocks of an unlisted issuer are distributed by way of property dividend by a listed issuer to shareholders.
To qualify for listing by way of introduction, Robinsons Land earlier sought SEC approval to declare 100 million common shares as property dividend to existing shareholders of record as of Aug 15.
Robinsons Land’s common shareholders under the plan will be entitled to 1 Atlus Property share for every 51.9382 Robinsons Land stocks owned.
The listing price of P10.10 per share was based on the fairness opinion conducted by Navaro Amper & Co., which showed that value of the company ranged between P1.1 billion and P1.22 billion, or P10.10 to P12.20 per share.
Altus Property owns and operates Robinsons Place Ilocos in Ilocos Norte.
Other companies that were listed in the PSE through listing by way of introduction included Top Frontier Holdings Inc., AgriNurture Inc., Integrated Microelectronics Inc. and Trans Asia Petroleum Corp.