RLC firms up P20B rights offer

Gokongwei-led property developer Robinsons Land Corp., the first big corporation to tap the local stock market this year, has firmed up a P20-billion stock rights offering which will be launched next week.

RLC has priced its new equity offering to existing shareholders at P18.20 per share at an entitlement ratio of one share for every 3.7217 common shares held as of record date Jan. 31.

Based on a PSE memorandum posted on Thursday, RLC’s offering will run from Feb. 2 to 8 while tentative listing date was set for Feb. 15.

The property developer has mandated BPI Capital Corp. as sole issue manager, bookrunner and underwriter for this offering.

RLC is authorized to sell up to 1.1 billion common shares to existing shareholders.

Proceeds from the equity deal will be used to finance the acquisition of land located in various parts of the country for all of the company’s business segments.

The company’s investment portfolio – which includes its shopping malls, office and hotel businesses – accounts for a lion’s share of its revenues and cash flow. To date, it has 47 shopping malls, making it one of the leading shopping mall developers in the country.