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SEC greenlights IPO plans of Lopez-led Rockwell Land

Posted on April 29, 2012 10:24:48 PM [ BusinessWorld Online ]

ROCKWELL LAND Corp. has bagged the Securities and Exchange Commission’s (SEC) approval for its planned listing on the local bourse, a document released to media showed.

The developer bagged the recommendation of the SEC en banc after the regulator’s corporation finance department endorsed the Lopez-led firm’s planned listing by way of introduction on the Philippine Stock Exchange (PSE) as well as the distribution of property dividends, a document dated April 25 showed.

A total of 6.23 billion common shares will be listed on the bourse, a number which represents 100% of its issued and outstanding common shares, the document showed.

Listing shares by way of introduction in the bourse allows companies to have its shares traded without having to undergo an initial public offering immediately.

The document also clarifies that the so-called chainlisting rule does not apply to Rockwell Land, thus allowing the firm to list.

PSE rules state that “...a subsidiary or a parent company of an existing listed issuer will not be considered for listing if the assets and operations of the applicant are substantially the same as those of the existing listed issuer.”

The company said that its business and revenue streams are separate from its major stakeholders, Manila Electric Co. and First Philippine Holdings Corp.

The company has long declared its targeted listing on the bourse last year, after Meralco announced its planned divestment of its shares in Rockwell.

Meralco is disposing its 51% stake by distributing them as property dividends.

Rockwell Land is the developer behind the Power Plant Mall, residential One Rockwell and the Edades Tower. -- MJOC
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