Vol. XXII, No. 105-A [ BusinessWorld Online ]
Saturday, December 20, 2008 | MANILA, PHILIPPINES
THE PROPERTY unit of listed Abacus Consolidated Resources & Holdings, Inc. has sought regulatory approval to list its shares on the bourse without selling these to the public.
Abacus Consolidated told the stock exchange on Friday realty unit Abacus Global Technovisions, Inc. would list 340 million common shares by introduction.
Based on the company’s registration statement filed with the Securities and Exchange Commission, Abacus Global is not looking to raise proceeds from listing its shares, which are held by 600 investors, on the stock exchange. It still has 160 million unsubscribed shares.
"The subject shares are fully paid and held by the company’s existing stockholders. No additional shares will be sold to the public," it said.
Listing by introduction allows a company to become part of the bourse without selling stocks to the public. It makes it easier for a company to raise capital later via an actual listing on the stock exchange.
The firm, which until 2006 engaged in lotto equipment leasing and only started buying real estate in September 2007, said it might not attract buyers if it lists now.
The properties of Abacus Global are mostly in Batangas, where it owns several hotels and a 30-hectare property that it plans to convert into an industrial complex and oil depot. — Don Gil K. Carreon