LIBERTY Flour Mills Inc. (LFM) announced during a meeting on Nov. 28, 2022 that its board of directors approved the entering and execution of a memorandum of understanding with its subsidiary, LFM Properties Corp. (LPC), for the potential sale of Liberty Building and the 1,009-square-meter parcel of land it stands on.

The completion of the sale shall be conditioned on the determination of the purchase price for the transaction based on the issuance of a fairness opinion undertaken by an independent third-party financial adviser jointly selected by the company and LPC.

'Given the time needed for the preparation of the fairness opinion and its study upon issuance, LFM and LPC aim to enter and execute a deed of sale in the first quarter of 2023 if a favorable recommendation is secured from the chosen independent third-party financial adviser,' the company said.

LFM also said that in case shares of LPC will be used for payment of the transaction, in a property for share swap basis, both parties shall commit and accept to issue shares that will be in compliance with the 20-percent public float policy of the Philippine Stock Exchange and with the approval from the relevant regulators.