Robinsons Butuan
Gokongwei-led property developer Robinsons Land Corp. has completed a P20-billion fund-raising from the sale of new shares to existing investors, proceeds from which will boost its war chest for business expansion.
Based on a recent disclosure to the Philippine Stock Exchange, RLC was able to sell the entire 1.1 billion new shares that it was authorized to offer to eligible investors.
Some 1.07 billion shares were initially sold during the first round of offering that targeted eligible shareholders while additional 25.99 million shares were sold to meet oversubscription demand.
Eligible shareholders were given the right to buy one new share for every 3.7212 common shares held at a price per share of P18.20.
BPI Capital Corp. acted as sole issue manager, bookrunner and underwriter for this offering, which was supported by RLC’s parent conglomerate JG Summit Holdings.
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.
RLC’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 44 shopping malls, making it one of the leading shopping mall developers in the country.