RLC unit lists by introduction
Real estate firm Altus Property Ventures Inc. (APVI), a wholly-owned subsidiary of Robinsons Land Corp., listed by way of introduction or without immediate offering of shares on Friday (June 26).
About 100 million common shares of APVI, formerly Altus San Nicolas Corp., were listed on the small, medium and emerging (SME) board of the Philippine Stock Exchange (PSE), representing 100 percent of the real estate company’s issued and outstanding common shares.
Incorporated in 2007, APVI currently owns and operates the North Wing of Robinsons Place Ilocos mall located in San Nicolas, Ilocos Norte.
In 2019, APVI applied with the PSE to list its common shares by way of introduction, through a property dividend declared by RLC to its stockholders of record as of August 15, 2019.
“We are delighted to have this new avenue for growth. APVI’s listing allows us to pursue business opportunities, unlocking possibilities for future ventures,” said APVI president Frederick Go.
APVI’s stable recurring cash flows are seen to provide a “solid base and a steady source of funds for potential business expansion and other investments.”
“This financial strength provides a robust platform for future business growth,” the company said.
APVI expects to retain profitability by capitalizing on environmental, economic, and social programs in the Philippines.
This company has embraced renewable energy by installing solar panels on the rooftop of Robinsons Place Ilocos. The solar panels rationalized the company’s operating expenses, thereby contributing to a healthy bottomline, and also significantly reduced APVI’s carbon footprint.
APVI expects to benefit from synergies with its affiliates, drawing upon the expertise and experience of RLC and the JG Summit group.
Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.