MANILA, PHILIPPINES — Liberty Flour Mills (LFM) took a step toward bringing its real estate investment holding firm public, the Philippine Daily Inquirer newspaper reported.
The company said in a disclosure to the Philippine Stock Exchange that it filed a registration statement with the Securities and Exchange Commission in relation to a previously disclosed property dividend declaration involving shares of subsidiary LFM Properties Corp (LPC).
Late last year, LFM announced a property dividend consisting of shares of stock of LPC for every LFM common share. Shareholders of LFM will become shareholders of LPC.
About 49.98% of LFM’s shares are publicly held.
Following the property dividend declaration, LPC will be eligible to list on the local stock exchange.
LFM became a public company in 1966.
Its subsidiary LPC, incorporated in 1995, is in the business of leasing office space and condominium units. About 19% of LFM’s revenues come from leasing property assets.