RLC plans P20B stock rights offer

Gokongwei-led property developer Robinsons Land Corp. (RLC) is raising as much as P20 billion in fresh funds for expansion by selling new shares to existing investors.

RLC plans to give existing shareholders the right to buy one new share for every 3.6 to 4.3 common shares held, based on a disclosure to the Philippine Stock Exchange on Friday.

“RLC intends to use the majority of its net proceeds from the offer to finance the acquisition of land located in various parts of the country for all its business segments,” the disclosure said.

The number of shares to be offered to the public will be between 950 million and 1.1 million.

The offer price, number of shares, entitlement ratio and timelines have yet to be finalized.