Quantcast
Latest Stories

Rockwell eyes P5-B bond sale

By

Upscale property developer Rockwell Land Corp. is planning to issue long-term retail bonds to partly finance ongoing projects, including its latest flagship, the Proscenium project in Makati City.

In a disclosure to the Philippine Stock Exchange Friday, the company said that its board had already approved a public offering of up to P5 billion in fixed-rate bonds.

First Metro Investment Corp. was hired to arrange the deal, although an offer date has yet to be set.

“Proceeds of the bond issuance will be used to partly finance various capital expenditures, particularly the Proscenium project,” Rockwell Land said in its disclosure.

The Proscenium, located beside the company’s Rockwell Center, is one of the company’s big-ticket projects and will comprise five towers requiring an estimated investment of P26 billion.

Rockwell Land officials earlier said that the company is looking to hold a follow-on share sale to help finance its expansion into the broader affordable property sector.

These products will be offered through a new subsidiary, Primaries Development Corp. Its maiden project is a mid-rise residential project in New Manila called 53 Benitez.

For 53 Benitez, Primaries is eyeing a mid-rise medium-density project with 364 units contained in two towers. The company plans to offer two- to three-bedroom units described as starter homes.

Rockwell president Nestor Padilla earlier said that he expected a sustained increase in profitability this year, as the company is projecting a profit target of P1.4 billion to P1.5 billion against a net profit of P1.1 billion in 2012.

Sales growth is projected at 25 to 30 percent this year, he said. Rockwell Land, which is 86.8-percent owned by the Lopez clan’s First Philippine Holdings Corp., was listed by way of introduction on the local bourse in 2012.

Rockwell Land shares on Friday rose by 0.54 percent to P1.85 apiece.


Follow Us


Follow us on Facebook Follow on Twitter Follow on Twitter


Recent Stories:

Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING to 4467, for Globe, Smart and Sun subscribers in the Philippines.

Tags: Business , long-term retail bonds , property development , Proscenium project , Rockwell Land Corp.

  • John Bardon

    Be careful in dealing with the Lopez Family when comes to Debt papers (Specially Bonds).
    It was in the height of the Financial Crisis of Asia in 1999 (when it Started on March of 1997), the Lopez Family’s Telephone Firm (Bayantel) owed AIG Investment of New York an investment $420 Million USD, with a Call Options (for 5 years – initiated in 1996) that AIG had the option to call the Investment back, of which AIG did in 1999.

    The Lopez Family dragged the case to the Local Philippine Court for 2 years and refuses to pay.
    It is only when AIG Investment brought the case to New York and won, threatening any members of the Lopez Family to be arrested upon setting foot on any US Soil.

    Well, it is only after the case in NY was concluded , then the Lopez Family have decided to talk and approved an immediate terms of payment to the Investor. Due to the Lopez Family does have substantial holdings in North America (not to mention that some members of the Family are US Residence.



Copyright © 2014, .
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City, Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94
Advertisement
Advertisement

News

  • Sign maker to be nailed to cross for 28th time
  • 50 Quezon City cops each carry 30-kg crosses
  • AFP: Abu Sayyaf group, not MILF, target of Basilan operation
  • Massive infra spending set
  • DOJ to NBI: Arrest Cedric Lee, 4 others
  • Sports

  • Federer would skip tennis to be with wife, newborn
  • Manny Pacquiao in PBA? If so, he’ll wear No. 17
  • PSC sets Blu Girls US training
  • Power Pinoys settle for 7th place
  • Successful coaches to get raise
  • Lifestyle

  • Are your favorite malls open this Holy Week break?
  • Celebrate Easter Sunday at Buddha-Bar Manila
  • Moriones feast: A slow, steady transformation
  • Weaving ‘palaspas’ a tradition kept alive in Tayabas City
  • Finalists announced for best translated books
  • Entertainment

  • Why Lucky has not bought an engagement ring for Angel
  • Derek more private with new girlfriend
  • ‘Community’ star happy with return of show’s creator
  • Jealousy is kid stuff
  • Mommy-daughter adventure continues
  • Business

  • PH presses bid to keep rice import controls
  • PSEi continues to gain
  • Number of retrenched workers rose by 42% in ’13
  • PH seen to sustain rise in FDIs
  • Gov’t subsidies to state firms fell in first 2 months
  • Technology

  • Smart phone apps and sites perfect for the Holy Week
  • Tech company: Change passwords or suffer ‘Heartbleed’
  • Filling the digital talent gap
  • SSS to shut down website for Holy Week
  • Another reason to quit social media this Holy Week: your safety
  • Opinion

  • Editorial cartoon, April 17, 2014
  • A humbler Church
  • Deepest darkness
  • ‘Agnihotra’ for Earth’s health
  • It’s the Holy Week, time to think of others
  • Global Nation

  • First Fil-Am elected to Sierra Madre, Calif. city council
  • UC Irvine cultural night to dramatize clash of values in immigrant family
  • Filipino sweets and info served at UC Berkeley Spring Fest
  • Milpitas, California kids wrap up a successful run of ‘The Wiz’
  • Netizens welcome Japan’s visa-free travel plan
  • Marketplace