Fundamentals 101: Get to know more about Altus Property Ventures, Inc.

Altus Property Ventures, Inc. (formerly Altus San Nicolas Corp.) is a stock corporation organized under the laws of the Philippines. It was incorporated on March 28, 2007 as a real estate company with an initial authorized capital stock of 40,000,000 Common Shares at a par value of ₱1.00 per share.

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.

Spanning a total floor area of approximately two hectares, it proudly stands as the Company’s first foray in the Ilocandia region -- in fact, the first full-service mall to arise in the province. This two-level modern shopping mall offers delightful dining and shopping choices featuring prominent anchor stores. The mall showcases top local and national brands in food, retail, specialty shops, and service-oriented tenants such as banks and couriers.

On February 24, 2009, RLC subscribed and paid 1,998 Common Shares of APVI at ₱1.00 per share. In 2010, the SEC approved the increase in the Company’s authorized capital stock to 100,000,000 Common Shares with a par value of ₱1.00. In the same year, RLC bought additional shares in APVI ending up with an 80% controlling stake in the Company. On March 7, 2013, RLC acquired the remaining 20% non-controlling interest in APVI, increasing its ownership interest from 80% to 100%.

On July 31, 2019, the Board of Directors of RLC approved the declaration of RLC’s APVI shares as property dividend to its Common Shareholders which, following the approval of the SEC, will result in the distribution to RLC Common Shareholders of one (1) Common Share for approximately every fifty-one and 9384/10000 (51.9384) RLC Common Shares owned and registered in the name of the RLC Common Shareholders as of August 15, 2019.

On August 23, 2019, the SEC approved the amendment of some of the provisions of the Company’s Articles of Incorporation and By-laws including the change of its corporate name from “Altus San Nicolas Corp.” to “Altus Property Ventures, Inc.”.

The Company’s principal executive office is located at Brgy. 1 San Francisco, San Nicolas, Ilocos Norte. As of June 30, 2019 and December 31, 2018, APVI has a total of 90 and 87 employees, including 16 and 18 permanent full-time managerial and support employees and approximately 74 and 69 contractual and agency employees, respectively.

Source: Peso Economics