Robinsons Land Corp. is raising up to P20 billion through the sale of new shares from existing shareholders and use the proceeds to acquire more lots nationwide.
RLC said in a disclosure to the Philippine Stock Exchange its board approved in principle the rights to offer its common shares with a target gross proceeds of up to P20 billion.
The number of shares to be offered is about 950 million to 1.1 million.
“RLC intends to use the majority of its net proceeds from the offer to finance the acquisition of land located in various parts of the country for all its business segments,”
Robinsons Land earlier said it awarded the construction contract for the development of an 8.5-hectare residential venture in Chengdu, China.
The property, which was acquired by Robinsons Land from the government through a public bidding, would involve a residential project, with a small portion for commercial development.
The project will have a total gross floor area of 220,000 square meters. Robinsons Land acquired the property in 2015 for $222 million.
The development”•the company’s first venture outside the Philippines”•will target the upper to middle-income market in China.
Robinsons Land added it planned to open four malls and expand two existing ones this year. It will also open three new hotels”•Summit Galleria Cebu, Summit Tacloban and Go Hotel in Iligan”•and two office developments, in Naga and Davao this year.
The planned opening of new malls, hotels and office developments is expected to further boost its leasing business, which accounts for the bulk of revenues.
Robinsons Land is the second largest mall operator and developer with 44 outlets across the country with 1.27 million square meters of gross leasable space.
It is also a leading office and hotel developer with 325,000 sq. m. of office leasable space and 2,357 hotel rooms as of end March 2017.
