PhilRealty secures PSE approval for property-share swap

PHILIPPINE Realty and Holdings Corp. (PhilRealty) said the Philippine Stock Exchange (PSE) approved the listing of more than 4.18 billion common shares to be issued under a property-for-share swap with Greenhills Properties, Inc. (GPI).

In a disclosure on Monday, the company said the shares are priced at P0.54 each, representing a total transaction value of about P2.26 billion.

Under the deal, the company will acquire two adjacent lots in Bonifacio Global City with a combined area of about 3,200 square meters in exchange for the shares.

“The approval is subject to all conditions as set forth in the post-approval requirements and Conditions and any other condition that the Securities and Exchange Commission (SEC) and/or the PSE may hereafter impose in relation to the issuance and/or listing of the swap shares,” the company said.

PhilRealty has subsidiaries engaged in property management, insurance brokerage, travel services, and real estate leasing and sales, including PRHC Property Managers, Inc., Tektite Insurance Brokers, Inc., Universal Travel Corp., Sultan Power, Inc., and Three Corners Realty Corp.

Its property developments include The Alexandra, Tektite Towers, The Alexis, La Isla Condominium, Casa Miguel, One Balete Compound, The Icon Residences, The Icon Plaza, and El Retiro.

At the local bourse on Monday, RLT shares fell by 4% to P0.096 each. — Alexandria Grace C. Magno