Listed property firm Philippine Realty and Holdings Corp. (RLT) has secured regulatory approval to list 4.18 billion new common shares tied to a P2.26-billion property-for-share swap involving prime land in Bonifacio Global City (BGC).
In a regulatory filing on Monday, the company said it received the Philippine Stock Exchange notice of approval on 17 April for the additional listing of 4.18 billion common shares, which will be issued at a swap price of P0.54 per share.
The shares will be issued to Greenhills Properties Inc. in exchange for two contiguous parcels of land in BGC with a combined area of about 3,200 square meters.
The transaction values the property at approximately P2.256 billion under RLT’s landbank expansion efforts.
The PSE approval covers the listing of the so-called “swap shares,” but remains subject to compliance with post-approval requirements and any additional conditions that may be imposed by the Securities and Exchange Commission and the exchange.
Once these conditions are met, the shares will be listed and issued in favor of GPI, completing the transfer of ownership of the BGC property to RLT.