RLC unit Altus Property listing by introduction

MANILA, Philippines — Robinsons Land Corp. subsidiary Altus Property Ventures Inc. (APVI)  has filed an application with the Securities and Exchange Commission to do a listing by way of introduction.

In the prospectus, APVI said it is listing by way of introduction up to 100 million common shares at a price of P10.10 per share.

A listing by way of introduction is a public offering that does not need to be undertaken because the securities for which the listing is sought will be of such an amount and will be so widely held that their marketability when listed can be assumed.

Last April, RLC said it would absorb Altus  to eliminate the duplication of functions, for greater efficiency in managing operations and to obtain more favorable financing and credit facilities.

APVI owns and operates Robinsons Place Ilocos, which is located within the compound of the Valdez Center  in the province of Ilocos Norte.

The center serves as the biggest commercial and shopping center in Ilocos Norte and is generally characterized by a mixture of commercial and mid-rise residential developments.

Robinsons Place Ilocos is the first and largest and only full service mall in Ilocos Norte. It has a department store, a supermarket and an appliance store.

Its land, where the mall was constructed consists of five lots with a total area of 20,319 square meters and spans across 20,190 sqm of gross floor area with average occupancy rate of approximately 100 percent.

RLC is the Gokongwei group’s property arm. It has malls, hotels as well as residential and commercial projects.