Philtown Property to list in PSE next year

RFM Corp. on Thursday said its property unit, Philtown Property Management Inc. is planning to list in the Philippine Stock Exchange early next year. Jose Concepcion III, RFM president and CEO, told reporters that Philtown's listing will release the RFM from the property business. About 30 percent of Philtown will be sold to the public once its application for initial public offering has been approved by regulators, Concepcion said. Following the IPO the rest of the 70-percent stake will be given in stock dividends to existing shareholders of RFM. Company officials explained that the planned divestment of RFM of its property unit will give the company more focus on its core business- food manufacturing. For next year, Philtown is looking into embarking on four residential condominium projects, including one in Katipunan, Quezon City. "There are three or four projects at various stages of discussion," Felicisimo Nacino Jr., RFM executive vice president and COO, said. Residential condominium project W.H.Taft Residences, which is near De La Salle University in Manila, is expected to be completed in 2010. Fairways Tower, which is located at McKinely Road at the Bonifacio Global City, is expected to be completed by September. Metropolitan, a residential condominium project in the Rockwell area in Makati City, is expected to be completed in 2009. RFM is also set to make a P1-billion follow-on offering to raise capital for its two-year operation starting in 2008. - Cheryl Arcibal, GMANews.TV