Robinsons Land plans P20B rights offer to fund aggressive growth plans
The property arm of the Gokongwei family’s JG Summit Holdings Inc. is looking to raise up to P20 billion from a stock rights offering to beef up its land bank.
In a stock exchange filing, Robinsons Land Corp. said its board approved a rights offering of 950 million to 1.1 billion shares to stockholders at a ratio of one rights share for every 3.6 to 4.3 common shares held.
The record date and the offering price have yet to be firmed up by management.
RLC intends to use majority of the net proceeds to finance the acquisition of land throughout the country for all its business segments.
The stock is currently trading at P23.55, lower than Thursday’s close of P24.60 each share.