By James A. Loyola
Jolliville Holdings Corporation of businessman Jolly Ting is planning to relist its water and hydropower business assets at the Philippine Stock Exchange after these were spun off a listed subsidiary and used as a backdoor listing vehicle of Udenna’s gaming and tourism businesses.
In an interview after the firm’s stockholders’ meeting, Jolliville Chief Finance Officer Ortrud Yao said they are looking at the possibility of listing by way of introduction.
The Philippine Stock Exchange allows firms to list their shares by way of introduction, without first undertaking an initial public offering, if it already has a wide shareholder base.
After selling its majority stake in Philippine H20 Ventures Corporation, Jolliville issued shares of Philippine Hydro Electric Ventures Inc. and Tubig Pilipinas Corporation as property dividends to its shareholders.
After the property dividends, 29.81 percent of shares of Phil Hydro and 25.84 percent of Tubig are now owned by the public shareholders of Jolliville.
“The company is already looking at the listing by way of introduction,” said Yao adding that they plan to prioritize the listing of Philhydro.
She said that, “right now, Philippine Hydro is looking at all the proposals from the industry to handle the listing. And we are also in discussion with counsel on how (to do it)… I think once all of that has been studied then there will be a formal announcement as to when it will happen and the timeline.”
Yao also noted that, “we have to hire a third party valuation company. It’s one of the requirements of the PSE. So if we want to list by introduction, there is a requirement that it cannot be just based on book value, so we have to hire a third party, and they will do their own valuation so the stockholders are ensured that it’s a fair value.