MANILA, Philippines — Rockwell Land Corporation, the high-end property development arm of the Lopez group, is seeking to list its shares by way of introduction at the Philippine Stock Exchange by May 14, 2012.
In its registration statement filed with the Securities and Exchange Commission, Rockwell said it plans to list 6.22 billion of its shares at P1.46 per share for a total market capitalization of P9.09 billion.
The listing will follow the distribution of 3.18 billion Rockwell shares as property dividends to the stockholders of Manila Electric Company (Meralco) which owns 51 percent of Rockwell.
As a result of the property dividend, Rockwell will have at least 48,892 shareholders and this qualifies the firm to list under the amended rules on listing by way of introduction of the PSE.
The firm said the initial listing price of P1.46 is supported by the valuation report and fairness opinion issued by the independent financial adviser CLSA Exchange Capital Inc. last month.
Rockwell reported a 14 percent growth in net income to P914.9 million last year from the P801.3 million earned in 2010 as total consolidated revenues rose 26 percent to P6.2 billion in 2011.
Since its start of operations in 1995, Rockwell has successfully redeveloped an old thermal power plant site into an upscale mixed-use community now known as Rockwell Center in Makati.
Rockwell Center now consists of 7 high-rise residential towers, a shopping mall, an exclusive leisure club, a graduate school and two office buildings.
It has also completed an office complex in Ortigas as well as launched a new mixed-use community called the Grove which is also located in Ortigas.
source: mb.com.ph
