Flour manufacturer Liberty Flour Mills is selling its building in Makati City to its real estate investment holding firm.
In a regulatory filing, LFM Properties said it entered into a memorandum of understanding with LFMI for the sale of the Liberty Building and the 1,009-square meter parcel of land upon which the structure stands.
LFMI is the registered owner of the property located at A. Arnaiz Avenue in Makati City.
A deed of sale is targeted to be entered by the parties in the first quarter of 2023 should they get a favorable recommendation from an independent-third party financial adviser.
“The consummation of the sale shall be conditioned, among others, on the determination of the purchase price for the transaction based on the issuance of a fairness opinion issued by an independent third-party financial adviser jointly selected by the company and LFMI,” LFM Properties said.
A property for share swap is also among those being considered to consummate the sale.
LFM Properties said in case shares of the company would be used for payment of the transaction, both parties had committed and accepted to issue shares to comply with the minimum 20 percent public float requirement.