Robinsons Land targets to raise P20B in stock rights offering
MANILA, Philippines – Robinsons Land Corporation (RLC), the property development arm of the Gokongwei-led JG Summit Holdings Incorporated, is looking to sell shares to stockholders to acquire more land.
In a disclosure to the stock exchange on Friday, November 24, it said its board of directors approved in principle the rights offer of its common shares, with target gross proceeds of up to P20 billion.
The firm said the number of shares to be offered shall be approximately 950,000,000 to 1,100,000,000. The majority of the net proceeds from the offer will finance the acquisition of land located in various parts of the country for all its business segments.
The entitlement ratio for existing shareholders, according to the disclosure, will be one rights share for every approximately 3.6 to 4.3 common shares. The offer price and date have yet to be determined.
Earlier this year, RLC president Frederick Go said the firm would aim to build at least 2 or 3 new malls each year. The firm currently has 46 malls, including the newly opened Robinsons Place in Naga City in August.
RLC’s net income for the first 9 months of the year totaled P4.57 billion, up slightly from the P4.5 billion in the same period in 2016. Its commercial center division contributed the bulk or around 47% of revenue, followed by it residential division at 31%, office buildings at 14%, and hotels at 8%. – Rappler.com