APVI shall serve as a vehicle for possible future real estate ventures and activities

Robinson’s Land Corp.’s (RLC) wholly-owned subsidiary Altus Property Ventures Inc. (APVI) is seeking regulatory approval for its plan to list 100 million common shares at an initial listing price of P10.10 per share on the main board of the Philippine Stock Exchange (PSE) by way of introduction.

In an email sent to reporters, the Securities and Exchange Commission (SEC) said it received a filing from APVI, formerly Altus San Nicolas Corp., to distribute 100 million common shares as property dividend to RLC’s shareholders to qualify for listing by introduction.

Instead of an initial public offering, firms seeking to be listed at the local bourse can list by way of introduction, under which the companies would not have to sell their shares immediately.

RLC’s board of directors approved the plan to list 100 percent of Altus’ issued and common shares on 31 July. The property dividend will be paid at a ratio of one APVI share per 51.9384 RLC shares, RLC said in a previous disclosure to the stock exchange.

“Apart from the dividend distribution, the common shares will not be distributed and no offer of the common shares will be conducted. After the dividend distribution is completed, the company will seek the approval of the PSE for the listing of all the outstanding shares on the main board of the PSE,” APVI’s prospectus read.

Real estate firm APVI currently owns and operates Ilocos Norte’s largest and lone full-service mall, Robinson’s Place Ilocos located in San Nicolas.

“APVI shall serve as a vehicle for possible future real estate ventures and activities,” it said.

The RLC unit registered 10.7 percent higher revenues as of end-2018, to P129.3 million from P116.7 million, while net income was up 21.4 percent to P57.8 million from P47.6 million.

RLC is the real estate investment arm of Gokongwei-led JG Summit Holdings Inc.