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LFM Properties files application to list its shares by introduction

LFM Properties Corp., a real estate unit of listed Liberty Flour Milling Inc., is seeking to list at the Philippine Stock Exchange by way of introduction.

LPC said in a filing with the Securities and Exchange Commission it would list 25 billion common shares with an initial listing price of P0.107 apiece.

The shares will be listed under the small, medium and emerging board of the PSE.

LPC qualifies for listing by way of introduction or without public offering after parent LFM distributed 10.3 billion LPC common shares as property dividend to all shareholders.

LFM shareholders as of Dec. 18, 2020 will be entitled to receive 60 LPC common shares for every 1 LFM common stock owned.

The proposed transaction has yet to be approved by the SEC.

After the listing, LFM’s ownership in LPC will drop to 60.11 percent while Parity Values Inc. will own 16.11 percent interest.  Public float ownership will be at 22.78 percent.

LPC is a real estate company incorporated with the SEC in 1995 under its original name Alfaro Land Holdings Corp.

It derives all its revenues from lease rentals of real estate properties owned by the company and located in the busy central business districts and commercial hubs in Metro Manila.

LPC more than doubled its net income to P97.4 million in 2020 from P42.8 million in 2019.

The company intends to develop projects in the Ortigas within the next seven years. It also plans to expand its land bank in  Cavite, Laguna, Batangas, Rizal, Quezon and Metro Manila.

Other companies that were listed in the local bourse by way of introduction were Top Frontier Holdings Inc., AgriNurture Inc., Integrated Microelectronics Inc., Altus Property Ventures Inc. and Trans Asia Petroleum Corp.

The PSE rules allow a company to list on the bourse even without public offering, but the company is required to undertake the public offer within a year from listing.

Topics: LFM Properties Corp. , Liberty Flour Milling Inc. , Philippine Stock Exchange , Securities and Exchange Commission
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