LFM Properties files application to list the shares by introduction in

LFM Properties Corp., a real estate unit of publicly traded Liberty Flour Milling Inc., is seeking a listing on the Philippine Stock Exchange by way of introduction. LPC said in a filing with the Securities and Exchange Commission that it would list 25 billion common shares with an initial listing price of P0.107 each. The shares will be listed under the small, medium and emerging board of the PSE. LPC will be eligible for listing through introduction or no public offering after parent company distributes LFM 10.3 billion ordinary shares of LPC as real estate dividend to all shareholders. As of December 18, 2020, LFM shareholders are entitled to 60 LPC common shares for every 1 LFM common share held. The proposed transaction has yet to be approved by the SEC. After listing, LFM’s ownership in LPC will drop to 60.11 percent, while Parity Values ​​Inc. will own a 16.11 percent stake. Ownership of public rafts will be 22.78 percent.

LPC is a real estate company incorporated by the SEC in 1995 under its original name Alfaro Land Holdings Corp. It derives all of its revenue from the rental of company-owned properties located in the busy central business districts and commercial hubs in Metro Manila. LPC has more than doubled its net income to P97.4 million in 2020, from P42.8 million in 2019. The company plans to develop projects in the Ortigas over the next seven years. It also plans to expand its land bank in Cavite, Laguna, Batangas, Rizal, Quezon and Metro Manila. Other companies listed on the local IPO were Top Frontier Holdings Inc., AgriNurture Inc., Integrated Microelectronics Inc., Altus Property Ventures Inc. and Trans Asia Petroleum Corp. The PSE rules allow a company to list on the stock exchange. exchange even without a public offering, but the company is obliged to make the public offer within one year of listing.