By Victor V. Saulon, Sub-Editor
ALTUS PROPERTY Ventures, Inc., a real estate company that owns and operates a mall in Ilocos Norte, has filed an application to list on the main board of the Philippine Stock Exchange (PSE) at a price of P10.10 per share.
The company plans to list by way introduction at the stock exchange, a mode of listing wherein securities of an unlisted issuer are distributed as property dividends by a listed issuer to its shareholders. The listed issuer is Robinsons Land Corp. (RLC).
RLC is distributing up to 100 million shares as property dividends to all holders of record of its stocks as of Aug. 15, 2019.
Altus and its stockholders will not be offering common shares for subscription or sale in connection with the dividend distribution or the listing. As a result, there will be no proceeds from the exercise.
Based on its prospectus submitted to the Securities and Exchange Commission (SEC), the company owns and operates Robinsons Place Ilocos within the compound of Valdez Center in San Nicolas town of Ilocos Norte.
“The center serves as the biggest commercial and shopping center in Ilocos Norte. The area is generally characterized by a mixture of commercial and mid-rise residential developments,” Altus said.
It described Robinsons Place Ilocos as the first, largest and only full-service mall in the province. The mall is a two-level building that houses a department store, a supermarket, and an appliance store. It also has a hardware store, a toy store and arcade, and a food court.
The land where the mall is built consists of five contiguous lots with a total area of 20,319 square meters. The mall building spans across 20,190 square meters of gross floor area with average occupancy rate of around 100% as of the date of the prospectus.
Under PSE listing rules, a company that applies to list by way of introduction is subject to lock-up requirements prescribed by the exchange. Hence, stockholders who own an equivalent of at least 10% of the issued and outstanding shares of stock cannot sell, assign or dispose of their shares within a period to be determined based on the company’s track record.
Altus said the indicative reference opening price of its common shares at P10.10 apiece was based on the valuation and fairness opinion issued by Navarro Amper & Co., an affiliate of Deloitte Southeast Asia Ltd. An independent advisor’s opinion is required under PSE rules.
AXELUM SETS OFFER PRICE
Meanwhile, Axelum Resources Corp. announced on Friday that it has set the offer price for its initial public offering (IPO) at P5.00 per share.
The offer period of the integrated coconut product manufacturer and exporter will run from Sept. 24 to Sept. 30, with the target listing date on Oct. 7. Axelum will carry the trading symbol AXLM on the main board of the PSE.
The company plans to sell 700 million primary shares and 100 million secondary shares for a P4-billion stock market debut. Market capitalization is estimated to reach P20 billion upon listing.
“The net proceeds from the primary offer will be used to fund the company’s strategic acquisitions, expand its domestic and international distribution networks, install new manufacturing facilities for new products, and improve and expand the company’s existing manufacturing facilities,” the company said.
“A portion of the proceeds will also be utilized to retire the company’s loans, reduce payables, and for other capital expenditure requirements.”