Robinsons Land Corp. of industrialist John Gokongwei has pegged the final price for planned stock rights offering at P18.20 apiece, a 16-percent discount from the stock’s weighted average price over the past 45 trading days.
The final price is at the low end of the P18 to P20 per share indicative range set by the company and 12.5 percent lower than the stock’s closing price of P20.80 on Wednesday.
Robinsons Land president and chief operating officer Frederick Go said in a letter to the Philippine Stock Exchange eligible shareholders as of January 31, 2018 would be entitled to subscribe to one common share for every 3.7217 stocks held.
Robinsons Land is offering 1.1 billion common shares to raise as much as P20 billion to finance land banking activities.
The property firm company identified properties in Pasig City, Pampanga, other areas in Luzon, Visayas and Mindanao for potential acquisition in all its business segments.
Robinsons Land is looking to acquire a 22-hectare lot in Pasig City worth P12 billion and plans to purchase a 177-hectare land in Pampanga worth P2.25 billion.
Robinsons Land said acquisitions in the two lots began in the last quarter of 2017 and that negotiations were ongoing to buy other parcels.
The property firm plans to buy a 55-hectare lot worth P2.66 billion in Luzon, another 16 hectares in Visayas worth P900 million and 65 hectares in Mindanao valued at P2.1 billion.
Robinsons Land at the end of September last year had a land bank of 36.6 hectares that could support the company’s growth over the next four to five years.
Robinsons Land has tapped BPI Capital Corp. as the sold issue manager and underwriter for the rights offering.
It set the offering period from Feb. 2 to 8 and the listing date on Feb 15.