LFM Properties Corp. of bilyonaryo William Carlos Uy has secured approval from securities regulators to list by way of introduction – or without an initial public offering.
LFM Properties, a unit of Liberty Flour Mills Inc. (LFM) which leases out commercial and office spaces, will be listed on the small, medium and emerging board of the Philippine Stock Exchange on November 9.
LFM distributed 10.35 billion common shares as property dividends to all stockholders as of December 18, 2020.
Following the property dividend declaration, LFM Properties will list by way of introduction 25 billion common shares at 10.7 centavos each.
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.