Friday, September 21, 2018
  • share this

Robinsons Land aims to raise P20B through sale of new shares

/ 05:18 AM January 13, 2018

Gokongwei-led property developer Robinsons Land Corp. (RLC) has obtained approval from the Philippine Stock Exchange to raise as much as P20 billion from the sale of new shares to existing shareholders.

RLC plans to sell up to 1.1 billion common shares at an offer price of as low as P18 to as high as P21 per share, the property developer said in a statement yesterday.


The entitlement ratio is yet to be fixed but RLC expects to issue one rights share for every 3.7 to 4.3 common shares held as of record date Jan. 31, 2018.

The offering price will be finalized on Jan. 24. Offering will run from Feb. 2 to 8 this year.

Proceeds from the offer will be used to “finance the acquisition of land in various parts of the country for all of the company’s business segments,” the company said.

RLC has appointed BPI Capital Corp. as sole issue manager, bookrunner and underwriter for this offering.

JG Summit Holdings, RLC’s controlling shareholder, has expressed full support to the company’s proposed offer. The conglomerate committed to purchase not just its entitlement of the rights shares, but also to take up any unsubscribed rights shares after the mandatory second round of the stock rights offering.

Should JG Summit fail to subscribe to all the remaining rights shares, BPI Capital will take up any remaining rights shares pursuant to its role as underwriter. —DORIS DUMLAO-ABADILLA

Read Next
Don't miss out on the latest news and information.
View comments

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: Philippine Stock Exchange, Robinsons Land Corp. (RLC), sale of new shares
For feedback, complaints, or inquiries, contact us.

Don’t join rallies, PNP tells students

September 21, 2018


BSP lifts sanctions on RCBC

September 21, 2018


14 dead, 57 missing in Cebu landslide

September 21, 2018

© Copyright 1997-2018 | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.