Bilyonaryo - Business

William Carlos Uy moves closer to listing real estate arm

July 4, 2022

Bilyonaryo.com

LFM Properties Corp., which leases out commercial and office spaces, has secured the nod of the Securities and Exchange Commission to list on the Philippine Stock Exchange by way of introduction.

Parent Liberty Flour Mills of bilyonaryo William Carlos Uy plans to distribute 10.35 billion common shares as property dividends to all stockholders as of December 18, 2020. Stockholders will receive 69 shares of LFM Properties for every LFM share they hold.

Following the property dividend declaration, LFM Properties will list by way of introduction 25 billion common shares on the small, medium, and emerging board of the Philippine Stock Exchange.

The initial listing price for the common shares will be 10.7 centavos each.

Under the PSE’s amended rules on listing by way of introduction, listing may be appropriate where the securities of an unlisted issuer are distributed by way of property dividend by a listed issuer to shareholders of that listed issuer.

LFM Properties owns a 21-storey building in Salcedo Village, Makati City which is fully leased out to local and foreign corporations as well as some foreign embassies and consulates. It also owns two residential condominium units which are fully leased out.

It likewise owns a 2,100 square meter property in Ortigas Center which is currently leased out as a parking lot.

Future plans for the Ortigas Center property are not yet definite although studies are being undertaken for a two-storey structure to be leased out to commercial and service establishments.

Although the property sector has suffered from high vacancy rates during the last five years, the company has managed to survive because of its strategy of providing superior quality office and commercial spaces at reasonable rates.

Maintaining low levels of debt has also proven to be a successful formula in an industry dominated by the country’s property giants.

Related News Tags: LFM Properties Corp, Philippine Stock Exchange, Securities and Exchange Commission, William Carlos Uy

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