Gokongwei property firm readies P20B stock rights offer
Robinsons Land Corp. obtained the Philippine Stock Exchange’s approval to raise up to P20 billion through a stock rights offering.
The Gokongwei property firm is offering up to 1.1 billion billion shares at a price ranging from P18 to P21 each.
Stockholders can buy one share for every 3.7 to 4.3 common shares held as Jan. 31. The shares will be priced on Jan. 24 while the offering will run from Feb. 2 to 8.
Proceeds from the offer will be used for acquire more properties across the country.
RLC controlling shareholder JG Summit Holdings Inc.has committed to purchase any unsubscribed rights shares after the mandatory second round of the offering.
BPI Capital Corp. is sole issue manager, bookrunner and underwriter for the offering.
RLC is engaged in the development of shopping malls, office buildings and hotels, as well as horizontal and vertical residential housing, including socialized housing projects in key cities and urban areas.