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Sta. Lucia raises public float

By Jenniffer B. Austria | Posted on Oct. 27, 2012 at 12:00am
[ manilastandardtoday.com ]

Sta. Lucia Land Inc. said it increased its public float to more than 10 percent to comply with the minimum public ownership requirement of the Philippine Stock Exchange.

The developer said parent company Sta. Lucia Realty and Development Inc.  sold 20 million shares at P0.67 per share on
Sept. 28.

The share sale, which raised P13.4 million in proceeds, reduced SLRDI’s stake in the company to 89.87 percent from 95 percent.

It also raised the company’s public float to 10.13 percent, just slightly above the 10-percent minimum public ownership being required by PSE against listed companies.

SLI, formerly Zipporah Realty Holdings Inc., is a real estate company engaged in the development of horizontal and vertical projects as well as shopping mall in Cainta, Rizal.

The property firm is controlled by SLRDI, which in turn is a 50:50 joint venture partnership between the Robles and Santos families.

Listed companies with public float of less than 10 percent have until Jan. 1 next year to widen their public float. Non-compliant firms will be penalized with trading suspension for a period of six months and could eventually lead to their delisting from the exchange.
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