The Philippine Stock Exchange approved the listing of Altus Property Ventures Inc., a unit of Robinsons Land Corp., by way of introduction or without an initial public offering.
Under the plan, Altus Property will list 100 million common shares with an initial listing price of P10.10 per share.
Listing by way of introduction allows a company to list its shares with the PSE without having to sell shares to the public immediately.
Under the PSE rules, listing of securities by way of introduction may be appropriate when the securities of an unlisted issuer are distributed by way of property dividend by a listed issuer to shareholders.
“The exchange’s approval of the listing of the company’s shares is subject to its compliance with all of the post-approval requirements of the exchange,” the PSE said.
“The exchange will advise the investing public of developments on the listing by way of introduction of the Company, including the listing date and the availability of the listing prospectus,” it said.
Robinsons Land earlier sought the approval of the Securities and Exchange Commission to declare 100 million common shares as property dividend to existing shareholders of record as of Aug 15.
The property dividend declaration was approved by the SEC in March.
The dividend shares, which represent 100 percent of the issued and outstanding common shares of Altus Property, entitled Robinsons Land’s to own 1 Altus Property share for every 51.9382 Robinsons Land shares 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 is P1.1 billion to 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 by way of introduction were Top Frontier Holdings Inc., AgriNurture Inc., Integrated Microelectronics Inc. and Trans Asia Petroleum Corp.