APVI starts trading today, with listing by the way of introduction

Real estate firm Altus Property Ventures Inc said Friday it would list shares on the Philippine Stock Exchange's SME board, notwithstanding the challenges of the COVID-19 pandemic.

The company that owns and operates the north wing of Robinsons Place Ilocos in San Nicolas, Ilocos Norte said it would list 100,000 common shares, representing 100 percent of its issued and outstanding common shares.

"We are delighted to have this new avenue for growth. APVI’s listing allows us to pursue business opportunities, unlocking tremendous possibilities for future ventures," said Altus Property Ventures President Frederick Go.

Altus Property said its "stable recurring cash flows" would help it pursue future growth.

The company recently installed solar panels on the roof of Robinsons Place Ilocos, helping cut costs and supporting an industry-wide shift to sustainability.

PSE Edge
At its regular meeting on July 31, 2019, the Board of Directors of Robinsons Land Corporation (“RLC”) approved the declaration, by way of property dividends (the “Dividend Declaration”), 100,000,000 common shares of Altus Property Ventures, Inc. (“APVI” or the “Company”) owned and held by RLC (the “Dividend Shares”) to RLC common stockholders (the “Receiving Shareholders”) as of August 15, 2019 (the “Record Date”). A Receiving Shareholder shall be entitled to receive one (1) APVI common share for approximately every fifty one and 9384/10000 (51.9384) RLC common shares owned and registered in the name of the Receiving Shareholder as of the Record Date. Please refer to RLC’s disclosure under C08951-2019 dated December 20, 2019.

The Dividend Shares were distributed to the Receiving Shareholders on December 20, 2019, upon the (i) approval of the Securities and Exchange Commission (“SEC”) of the Dividend Declaration on November 15, 2019 and (ii) issuance by the Bureau of Internal Revenue of the corresponding Certificate Authorizing Registration on December 6, 2019. As a result of the Dividend Declaration, APVI has 1,503 stockholders, of whom 1,035 owns at least one (1) board lot, resulting in a 32.90% public float. This qualifies APVI to list its shares under Article III, Part G, Section 1(b) of the Amended Rules on Listing by Way of Introduction of the Exchange.

Source: Peso Economics