Robinsons Land Corp. of the Gokongwei Group, is boosting its land bank in Metro Manila and parts of Luzon and Visayas and Mindanao, with majority of the P20-billion net proceeds from a proposed stock rights offering funding the lot acquisitions.
Robinsons Land said in a regulatory filing it identified properties in Pasig City, Pampanga, other areas in Luzon, Visayas and Mindanao for potential acquisition for all its business segments.
In Pasig, Robinsons Land is looking to acquire a 22 hectare lot worth P12 billion while it plans to purchase a 177-hectare land in Pampanga worth P2.25 billion.
Robinsons Land said the acquisition of the lands started in the last quarter and that negotiations were ongoing to purchase other parcels.
The property company plans to buy a 55-hectare lot worth P2.66 billion in Luzon, another 16-hectare land in Visayas worth P900 million and a 65-hectare property in Mindanao valued at P2.1 billion.
Robinsons Land as of end September had a land bank of 36.6 hectares which could support the company’s growth over the next four to five years.
The property firm said last week it planned to raise P20 billion from the offering of up to 1.1 billion common shares through a rights offering at a price of between P18 and P21 per share.
Shareholders of record as of Ja.n 3, will be entitled to purchase 1 right share for every 3.7 to 4.3 common shares owned.
The offering period is set from Feb. 2 to 8 while the listing date is scheduled on Feb 15.
BPI Capital Corp is the sole issue manager, book runner and underwriter for the offering.
JG Summit Holdings Inc., the parent of Robinsons Land, has committed to purchase its entitlement of rights shares and any unsubscribed portion during the offering period.