THE Securities and Exchange Commission (SEC) has considered favorably the listing of LFM Properties Corp. on the stock exchange, the corporate regulator said on Monday.
In its meeting on June 28, the commission en banc rendered effective the registration statement of LFM Properties covering up to 10.35 billion common shares
LFM Properties’ parent firm, Liberty Flour Mills (LFM), Inc., plans to distribute 10.35 billion common shares of its unit as property dividends to its stockholders. Shareholders will receive 69 shares of LFM Properties for every Liberty Flour Mills share they hold.
The company will then list by way of introduction 25 billion common shares on the small, medium, and emerging (SME) board of the Philippine Stock Exchange. Its initial listing price for the common shares will be 10.7 centavos each.
Liberty Flour Mills was incorporated on Dec. 26, 1958 to engage in the business of manufacturing flour and flour-related products.
Its products consist mainly of bakery flour products under the brands El Superior, LFM Bakers, Pine Tree, and LFM Soft, which are sold mainly on a wholesale basis principally to members of the baking and food supply industry nationwide.
It currently has two subsidiaries: LFM Properties and Liberty Engineering Corp. LFM Properties is engaged in the business of leasing out office and commercial spaces. Liberty Engineering is engaged in the sale, lease, and purchase of equipment and machinery.
Liberty Flour Mills finished higher on Monday gaining 2.04% or 34 centavos to close at P17 apiece. — Justine Irish DP. Tabile