Business
Application of LFM Properties files to list its shares by introduction
LFM Properties Corp., a real estate unit of publicly traded Liberty Flour Milling Inc., is seeking to list on the Philippine Stock Exchange as an IPO. LPC said in a file with the Securities and Exchange Commission that it would list 25 billion common shares with an initial listing price of P 0.107 each. The shares will be listed under the PES Small, Medium and Emerging Board of Directors. LPC is eligible for listing by way of IPO or without a public offering after parent company LFM has distributed 10.3 billion ordinary shares of LPC as a real estate dividend to all shareholders. LFM shareholders as of December 18, 2020 will be entitled to receive 60 LPC ordinary shares for each LFM ordinary share held. The proposed transaction has not yet been approved by the SEC. After listing, LFM’s stake in LPC will increase to 60.11% while Parity Values Inc. will hold 16.11% of the interest. Ownership of the public float will be 22.78 percent.
LPC is a real estate company incorporated with the SEC in 1995 under its original name Alfaro Land Holdings Corp. It derives all of its income from the leasing of real estate properties owned by the company and located in the central business districts and malls of Metro Manila. LPC has more than doubled its net profit to 97.4 million pesos in 2020 from 42.8 million pesos in 2019. The company intends to develop projects in the Ortigas over the next seven years. It also plans to expand its land reserve to Cavite, Laguna, Batangas, Rizal, Quezon and Metro Manila. Top Frontier Holdings Inc., AgriNurture Inc., Integrated Microelectronics Inc., Altus Property Ventures Inc. and Trans Asia Petroleum Corp. stock exchange even without a public offer, but the company is required to proceed with the public offer within one year of listing.
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What Are The Main Benefits Of Comparing Car Insurance Quotes Online
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