APVI shares hit ceiling price on second trading day

Altus Property Ventures Inc. (APVI), a unit of the Gokongwei’s JG Summit Holdings Inc., which listed its shares by way of introduction at the Philippine Stock Exchange (PSE) on Friday, hit ceiling price on its second trading day today, June 29.

APVI stock price closed at P27.75, up by P9.25 from previous P18.50.

On its trading debut last Friday, APVI stock price opened at P40.00, soared up to 2000+% to P240.00 but eventually plunged to as low as P17.00.  It closed at P18.50 per share on its market debut.

APVI had an initial listing price of P10.10.

A listing by way of introduction is taking a company public without selling shares to the public.

Robinsons Land Corp. (RLC), the property development arm of JG Summit, declared a property dividend of 100 million. Of the figure, the Gokongwei holding firm was entitled to 60.97 million shares.

APVI, formerly Altus San Nicolas Corp., applied for the listing by way of introduction of 100 million common shares, which represents its total issued and outstanding common shares, on the SME Board of the PSE.

The company owns and operates Robinsons Place Ilocos (North Wing), located at San Nicolas, Ilocos Norte. The company shall serve as a vehicle for possible future real estate ventures and opportunities.

Before the declaration of property dividends on December 20, 2019, APVI was a wholly owned subsidiary of RLC and an indirect subsidiary of JG Summit through the property firm.

The company became a direct subsidiary of JG Summit by virtue of the property dividend distribution by RLC to its stockholders.

The shares of APVI were distributed as property dividend to common shareholders of RLC on record as of August 15, 2019 at one APVI share for every 51.9384 RLC shares held.

The company’s primary purpose is to engage in the business of selling, acquiring, building, constructing, developing, leasing and disposing of real-estate properties and property development of all kinds and nature.

“Altus Property is a welcome addition to our roster of listed firms and the Small, Medium, and Emerging [SME] Board. With back to back SME Board listings this month, we hope that companies in this category will consider listing in the PSE, particularly those that need funding to help support their growth plans after the slowdown caused by the Covid-19 pandemic,” PSE President and CEO Ramon S. Monzon said.

“We look forward to seeing the company grow its property portfolio and embark on real-estate ventures that will further enhance its shareholder value.”

Source: Peso Economics