MANILA, Philippines - Property developer Rockwell Land Corp. is preparing to list at the local bourse in the first half depending on several corporate and regulatory approvals, Lopez-led parent firm First Philippine Holdings Corp. (FPHC) said in a disclosure yesterday.
“The listing by introduction is dependent on, among other things, the approval by Manila Electric Co. (Meralco) of the property dividends on its Rockwell Land shares,” the company said.
The plan is also hinged on “the approval of the property dividends by the Securities and Exchange Commission and filing by Rockwell Land of the application for listing,” it added.
Late last year, Meralco said it will divest its 51 percent stake in Rockwell Land by declaring it as property dividends.
The remaining shares in the high-end property firm are held by FPHC, which will hold a 52 percent stake after the property dividend.
The shares will then be listed in the local bourse by way of introduction, which allows firms to have their shares traded in the stock exchange without having to immediately conduct a public offering.
The Philippine Stock Exchange requires firms to subsequently sell shares to the public within 12 months of listing by introduction.
Rockwell Land’s net income target for last year was P900 million, up from P801.2 million in 2010 and P633.5 million in 2009.
Last May, Rockwell Land raised P4 billion from the issuance of corporate notes that will be used to fund property acquisition and pay debts.
Rockwell Land was set up in 1995 after the shutdown of the thermal power plant of the Lopez Group.
Its flagship project Rockwell Center is a self-contained, mixed-use community consisting of seven high-rise residential towers, three office buildings, a shopping mall, a city club, and a leading business graduate school.
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