LIBERTY Flour Mills, Inc. (LFM) subsidiary LFM Properties Corp. (LPC) has submitted a registration statement to the Securities and Exchange Commission last week to list by way of introduction of 25 billion common shares.
According to its preliminary prospectus, LPC shares will be priced at P0.107 each. They will be listed on the small, medium, and emerging board of the Philippine Stock Exchange.
LFM will be distributing as property dividend up to 10.35 billion LPC common shares to all LFM shareholders as of Dec. 18, 2020. Around 69 LPC common shares will be distributed for each LFM common share.
“The company and its stockholders will not be offering common shares nor preferred shares to the public for subscription nor sale in connection with the property dividend distribution and the listing,” the company said in its prospectus.
LPC will continue to be an LFM subsidiary after listing, with LFM holding 60.11% of its outstanding capital stock. — Keren Concepcion G. Valmonte