By James A. Loyola
Robinsons Land Corporation (RLC), the real estate development arm of the Gokongwei group, is planning to list subsidiary Altus Property Ventures, Inc. by way of introduction.
Listing by way of introduction is going public without first undertaking an initial public offering of shares. This is allowed by regulators if the company already has a wide base of different shareholders.
A wholly-owned subsidiary of RLC, Altus is a real estate company which owns and operates the Robinsons Place Ilocos mall located at San Nicolas, Ilocos Norte.
Its revenues grew 10.7 percent to P129.3 million in 2018, resulting in a 21.4 percent jump in net income to P57.8 million. Altus has assets worth a total of P713.9 million.
“APVI shall serve as a vehicle for possible future real estate ventures and opportunities,” said RLC in a filing with the Securities and Exchange Commission.
RLC said it is planning to distribute the entire authorized capital of 100 million common shares of Altus as a property dividend to RLC shareholders so it will have the same shareholder base as the parent company.
The property dividend will be distributed at the ratio of one Altus share for every 51.9384 RLC shares held. The shares have a par value of one peso each but will be listed at P10.10 per share based on the valuation and fairness opinion issued by Navarro Amper & Co.
Robinsons Place is the first, largest and only full-service mall in Ilocos Norte. It is a two-level building with a gross floor area of 20,190 square meters that that sits on a 20,319 square meter lot.