Robinson Land unit’s property dividend declaration plan OKd

The Securities and Exchange Commission has approved a plan by Robinsons Land Corp.’s subsidiary Altus Property Ventures Inc. (APVI) to declare property dividends and list on the local stock exchange by way of introduction, or without any immediate public offering. RLC is now awaiting approval of the Philippine Stock Exchange on the listing of APVI by way of introduction.

The stock certificates covering the property dividend, net of final tax withheld by the corporation—consisting of 93.89 million common shares of APVI—will be issued and kept in custody by APVI, based on an advisory issued by RLC.One the PSE approves the listing application of APVI,

all the stock certificates covering the APVI shares, including the property dividend stock certificates, will be lodged and deposited by APVI with Philippine Depository and Trust Corp. in the name of PCD Nominee Corp.Receiving shareholders who do not have an existing account with a PDTC Depository participant will open and establish an account in their names with First Metro Securities Brokerage Corp. This brokerage house will credit the dividend shares to the respective shareholder accounts on the listing date. APVI plans to distribute 100 percent of its capital stock to the 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 this year.

The company will afterwards list on the main board of the PSE with an initial listing price of P10.10 per share, which was based on the valuation and fairness opinion of independent adviser 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.

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.

Although APVI will not immediately offer shares to the public, it will have wider ownership due to the property dividend declaration.

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