Altus Property Ventures Inc., a wholly-owned subsidiary of Robinsons Land Corp., on Friday listed its shares by way of introduction under the small, medium and emerging board of the Philippine Stock Exchange.
Altus Property listed 100 million common shares with an initial listing price of P10.10 per share under the SME board.
Listing by way of introduction allows a company to list shares with the PSE without having to sell them 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 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.
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.
Other companies that were previously listed in the PSE by way of introduction were Top Frontier Holdings Inc., AgriNurture Inc., Integrated Microelectronics Inc. and Trans Asia Petroleum Corp.