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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