Liberty Flour Mills Inc. has hurdled regulatory approval for its planned listing by introduction of unit LFM Properties Corp.
The Securities and Exchange Commission approved Liberty Flour Mills’ plan to declare 10.35 billion common shares of LFM Properties as property dividend to Liberty Flour Mills shareholders, which qualify the realty unit to be listed with the Philippine Stock Exchange (PSE) without undergoing an initial public offering (IPO).
The property dividend will be issued to stockholders as of December 18, 2020.
Shareholders will receive 69 shares of LFM Properties for every LFM share they hold.
LFM Properties will then list at the PSE all of its 25 billion issue and outstanding common shares.
The initial listing price for the common shares will be P0.10 each.
