Gokongwei firm plans PSE entry sans IPO

Gokongwei-led Robinsons Land Corp. is set to list its wholly-owned subsidiary Altus Property Ventures Inc. (APVI) on the local stock exchange by way of introduction, or without any public offering, after it has declared shares as property dividends.

In a prospectus submitted to the Securities and Exchange Commission dated Sept. 19,  APVI will distribute up to 100 million or 100 percent of its capital stock to stockholders of its parent firm, RLC.  One common share will be given as property dividend for every 51.9384 RLC common shares held as of Aug. 15, 2019.

Subject to approvals, APVI will afterwards list on the main board of the Philippine Stock Exchange with an initial listing price of P10.10 per share. The price is based on the valuation and fairness opinion of independent advisor Navarro Amper & Co.

“APVI will serve as a vehicle for possible future real estate ventures and opportunities. As a separate listed entity, APVI will have the flexibility to pursue acquisitions or engage in businesses, should circumstance warrant such acquisition or ventures, without affecting RLC’s current operations or prospects,” RLC president Frederick Go said in a text message on Friday, when asked about the rationale for listing this subsidiary.

Go added that APVI would also be able to tap funding options for acquisitions or business ventures without gnawing on RLC’s debt capacity or diluting ownership interest of existing shareholders.

“It can also do businesses that RLC does not want to venture into,” Go added.

Although APVI will not immediately offer shares to the public, it will already have a wider ownership because of the property dividend declaration.

“The company believes that the price of the common shares is of such amount and the common shares would be so widely-held, that their adequate marketability when listed can be assumed,” the prospectus said.

APVI, formerly known as Altus San Nicolas Corp., is a real estate company that currently owns and operates Robinsons Place Ilocos Norte mall in San Nicolas, Ilocos Norte./TSB