SEC OKs Liberty Flour property div
MANILA, Philippines — Liberty Flour Mills (LFM) has secured the approval of the Securities and Exchange Commission (SEC) for the declaration of property dividends in line with its plan to list its property unit.
The property dividends consist of 10.35 billion shares of LFM Properties Corp. (LPC) amounting to P88 million, payable to stockholders of record as of Dec. 18, 2020.
LFM said the property dividends shall be paid at a ratio of 69 shares of LPC for every one share of the company.
It plans to list LFM Properties on the Philippine Stock Exchange by way of introduction within the third quarter.
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.
LFM Properties will serve as a vehicle for possible future real estate ventures and opportunities. It is engaged in the business of leasing out office and commercial spaces.
Among the properties it 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 Avenue corner Ortigas Jr. Road in Mandaluyong City.
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