The Philippine Stock Exchange (PSE) approved on January 12, 2011, the application of Sta. Lucia Land Inc. (PSE: SLI) to list additional 10,000,000,000 common shares (the “Swap Shares”), with a par value of PhP1.00 per share, to cover the property-for-share swap transaction with Sta. Lucia Realty and Development Inc. (SLRDI), at a swap price of PhP1.00 per share.
The Swap Shares will be issued by SLI to SLRDI in exchange for various real estate properties owned by SLRDI with a total land area of 1,869,553 square meters. The total transaction value is PhP10,000,000,000.00.
The approval by the Exchange of the above property-for-share swap transaction was subject to the submission by the Company of a the duly executed Escrow Agreement, holding in escrow the 10,000,000,000 Swap Shares for one hundred eighty (180) days pursuant to Article V, Part A, Section 7 of the Revised Listing Rules.
In compliance with the lock-up requirement of the Exchange, SLI submitted a Lock-up Agreement executed on February 18, 2011, among SLI, SLRDI and Philippine Commercial Capital Inc. In view thereof, the listing of the additional 10,000,000,000 common shares is set for Monday, March 7, 2011.