By James A. Loyola
Altus Property Ventures, Inc. (APVI), a new subsidiary of JG Summit Holdings Inc., successfully listed its shares at the Philippine Stock Exchange by way of introduction yesterday.
Listed at an indicative price of P10.10 per share, APVI stock skyrocketed to an intra-day high of P240.00 per share despite 10 minute halts to cool it down and finally closed the day higher by 83.17 percent at P18.50 per share.
APVI shares are exempted from the PSE rules imposing a 50 percent price ceiling for one-day price surges because stocks listed by way of introduction have no offering or previous market prices.
Instead of the 50 percent price cap, the PSE imposed 10-minute trading halts every time 20 percent price thresholds are breached to help cool it down.
Stocks listed by way of introduction to do not go through an initial public offering but are allowed to be listed at the PSE as they have a wide enough shareholder base and have reached the minimum required public ownership.
APVI listed 100 million common shares on the SME Board of the PSE, representing 100 percent of the real estate company’s issued and outstanding common shares.
APVI (formerly, Altus San Nicolas Corporation) is a Philippine real estate company incorporated in 2007. It currently owns and operates the North Wing of Robinsons Place Ilocos mall located in San Nicolas, Ilocos Norte.
The firm was a wholly-owned subsidiary of Robinsons Land Corporation (RLC). In 2019, APVI sought to list its shares by way of introduction, through a property dividend declared by RLC to its stockholders as of August 15, 2019.
This resulted in JG Summit, as a shareholder of RLC, receiving 60.97 million APVI shares as property dividend for a 60.97 percent ownership of APVI.
“We are delighted to have this new avenue for growth. APVI’s listing allows us to pursue business opportunities, unlocking possibilities for future ventures,” said RLC and APVI President Frederick Go.
APVI’s stable recurring cash flows provide a solid base and a steady source of funds for potential business expansion and other investments. This financial strength provides a robust platform for future business growth.
APVI expects to benefit from synergies with its affiliates, drawing upon the expertise and experience of RLC and the JG Summit Group.