Robinsons completes P20-b stock rights offer
Robinsons Land Corp. successfully completed its P20-billion stock rights offering on strong demand from investors.
The company said in a disclosure to the stock exchange the offering of up to 1.1 million shares at a price of P18.20 each was oversubscribed.
Robinsons Land sold 1.74 billion shares in the first round of offering and another 25.995 million shares during the second round.
Parent JG Summit Holdings Inc., which owns 60.97 percent of the company, earlier committed to purchase its entitlement of rights shares and acquire any unsubscribed portion during the offering period.
Eligible shareholders as of January 31, 2018 were entitled to subscribe to one common share for every 3.7217 existing shares owned.
Robinsons Land plans to use proceeds from the fund raising activity to fund land banking activities to support the growth of core businesses.
The property firm tapped BPI Capital Corp. as the sold issue manager and underwriter for the rights offering.
Robinsons Land as of the end September last year had 46 malls, 13 office developments in strategic locations and within central business districts, 16 hotel properties across three brand segments and over 100 vertical and horizontal residential properties nationwide.
Robinsons Land posted a net income of P4.57 billion in the first nine months of 2017, up 1.5 percent year-on-year, and consolidated revenues of P16.63 billion, down three percent, on the significant decline in residential sales.
The company as of end September last year had 600.1 hectares in its land bank that could support the growth of the company over the next four to five years.
Robinsons Land in 2016 completed the acquisition of an 8.5-hectare property in Chengdu China, marking its first international foray.