By Marianne V. Go Updated July 02, 2009 12:00 AM [ philstar.com ]
MANILA, Philippines – Philippine Townships Inc. (Philtown) plans to list at the Philippine Stock Exchange in the next two years or once market conditions improve, RFM Corp. executive vice president and chief operating officer Felicisimo Nacino Jr. said during the food and beverage company’s annual stockholders’ meeting Tuesday.
Philtown is the real estate subsidiary of RFM.
Formed in 1995 as RFM Properties and Holdings Inc. (RPHI), the real estate firm was renamed to Philtown in 1997.
According to Nacino, Philtown had intended to list in the stock market this year but called this plan off as the current stock market condition is not favorable.
He said it may, thus, take two years “before market improves sufficiently so Philtown shares can be listed.”
Nacino said Philtown “is determined to list as part of a long-term plan.”
The option of listing by way of introduction, Nacino said, had been looked at instead of doing an initial public offering (IPO).
However, listing by way of introduction, is not an attractive option for the real estate firm since it would not allow Philtown to raise funds it could use for its projects, he pointed out.
Thus, Nacino said Philtown would likely pursue listing plans “when conditions are favorable to it.”
Philtown holds the land assets of food and beverage conglomerate RFM, its parent company.
Philtown has transformed RFM’s corporate properties to residential, commercial and industrial developments that were either sold or leased to third parties.
Philtown initial developments include Glenwood Park, Ridgemont South, Woodlands and Makiling Hills, all located in Calamba, Laguna.
Philtown, however, focuses on industrial community development.
An offshoot of this shift in focus is the Manggahan development which is comprised of Manggahan Village in Pasig City, a cluster of five residential condominium buildings; the Manggahan Light Industrial Park; Manggahan Village Center and Manggahan Townhomes.
With its substantial land bank in Batangas, another industrial community was launched in the municipalities of Sto. Tomas and Tanauan.
The Batangas development covers two industrial parks, the Light Industry and Science Park (100 hectares) and Philtown Technology Park (70 hectares), as well as the Plantacion del Sol subdivision (80 hectares).
Philtown also has high-end projects such as Tagaytay Heights and One McKinley Place, a luxurious44-story residential condominium in Fort Bonifacio, as well as the Fairways Tower and The Metropolitan which is adjacent to Rockwell in Makati.
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