Posted on December 14, 2011 10:22:29 PM [ BusinessWorld Online ]
ROCKWELL LAND Corp. is eyeing the first half of 2012 for its planned listing on the local bourse by way of introduction, an official yesterday said.
A key stakeholder, Manila Electric Co., had earlier said it will be divestings its Rockwell Land shares by declaring such as property dividends before these are then listed on the exchange.
“For the timetable, the earliest would be the first half of 2012,” Davy Tan, Rockwell Land assistant vice-president for business development, said in a chance interview.
The company will be tapping CLSA Asia-Pacific Markets as its financial adviser for the listing transaction, Mr. Tan said.
Listing by way of introduction allows firms to have shares traded in the Philippine Stock Exchange (PSE) without having to immediately conduct an initial public offering. No fundraising will be involved in the transaction.
Meralco is divesting its 51% stake in Rockwell Land. The remaining shares are held by Lopez-led First Philippine Holdings Corp.
Rockwell Land is reportedly on track to notching a full-year net income of around P900 million versus around P800 million last year, driven by its flagship Power Plant mall, residential towers One Rockwell, and some revenues from residential condominium Edades Tower and Garden Villas.
The developer is looking to build more developments next year, Mr. Tan said.
Last quarter, the Rockwell Land completed the acquisition of a 3.6-hectare property on Estrella Street owned by Colgate-Palmolive Co. that may be used for possible expansion next year, Valerie L. Soliven, Rockwell Land vice-president for sales and marketing said in a separate interview yesterday.
“There are projects in the pipeline and they could be a mix of residential or mall projects,” Mr. Tan said, noting that the company had already completed its fundraising requirements for the year.
A P4-billion loan secured earlier this year via fixed-rate corporate notes has not yet been fully drawn, he added.
The company was formed in 1995 after the shutdown of the Lopez group’s thermal power plant in Makati City, and is the property firm behind the 15.5-hectare Rockwell Center in Makati along with several residential developments.
Shares of Meralco plunged by 2.09% to P243.80 apiece yesterday. -- Franz Jonathan G. de la Fuente