Liberty Flour Mills property unit eyes public listing

Catherine Talavera (The Philippine Star) - June 15, 2021 - 12:00am

MANILA, Philippines — The property unit of flour manufacturer Liberty Flour Mills, Inc. (LFM) plans to undertake an initial public offering.

In a disclosure to the Philippine Stock Exchange (PSE), LFM confirmed LFM Properties Corp.’s intention to list its shares on the Philippine Stock Exchange by way of introduction.

Under a listing by way of introduction, private firms apply for the listing of securities that will not require the conduct of a public offering.

“As of today, there is no firm timeline of when the listing application will be filed with the PSE, as the company is still in the process of securing the necessary government approvals to effect the transfer of the LPC shares to the LFM shareholders entitled to the property dividends,” LFM said.

Among the requirements LFM needs to secure include the Securities and Exchange Commission (SEC)’s approval of the declaration of stock dividends and the Bureau of Internal Revenue (BIR) certificate authorizing registration.

“However, the company is optimistic an application for listing by way of introduction may be filed within the next two months,”LFM said.

Last year, LFM declared a property dividend consisting of LPC common shares with an entitlement ratio of 69 LPC common shares for every one LFM common share.

In February, LFM had filed for the approval of the declaration of the property dividend with the SEC.

Upon securing SEC approval, LFM will pay the appropriate taxes and applications.

LFM said its application for the approval of the declaration of the property dividend is still under review by the SEC.

LPC is engaged in the business of leasing out office and commercial spaces.

Among the properties it currently owns are the Liberty Plaza Building, Liberty Center Building and two condominium units at the Pacific Plaza Condominium, all of which are located in Makati City.

It also owns a commercial lot located along Ortigas Ave. corner Ortigas Jr. Road in Mandaluyong City.

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