BY ALBERT CASTRO
[ Malaya.com.ph ] April 21, 2010
Real estate investment trust (REIT) firms must have a minimum capitalization of P300 million and have at least 1,000 public shareholders, each holding a minimum of 50 shares for an aggregate of 33 percent ownership.
These are among the requirements the Securities and Exchange Commission sets down in the proposed implementing rules and regulations of the REIT law.
The SEC has given interested parties until April 26 to comment on the draft rules
The proposed rules said a REIT has to comply with foreign ownership limitations and has to be listed with the Philippine Stock Exchange. The REIT firm has to maintain its listed status to continue operating.
A REIT firm has to first seek approval from the SEC for its investment plan before it can sell shares to the public.
The plan shall include, among others, the firm’s investment policy; restrictions and strategy; discussion on business plan for property and investment and management covering the scope and type of investments intended to be made, the borrowing policy and the method or proposed method of operating and financing the real estate investments, and how the investment will be financed.
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