PSE approves stock rights offering of Robinsons Land

The Philippine Stock Exchange (PSE) has approved the R20-billion stock rights offering of Robinsons Land Corporation (RLC) which will raise funds for the acquisition of land located in various parts of the country for all of the Company’s business segments.

In a statement, RLC said its parent company JG Summit Holdings, Inc. has expressed its full support for the Company’s proposed stock rights offering.

JGS commits to purchase not just its entitlement of the Rights Shares, but also any unsubscribed Rights Shares after the mandatory second round of the SRO.

Thus, if any shareholder fails to subscribe to all the Rights Shares, JGS, through the Underwriter, will take up any remaining unsubscribed Rights Shares after the mandatory second round of the Offer.

Should JGS fail to subscribe to all the remaining Rights Shares, BPI Capital Corporation will take up any remaining unsubscribed Rights Shares pursuant to its role as Underwriter.

RLC is planning to offer up to 1.1 billion common shares for R18.00 to R21.00 per share at the rate of one rights share for every 3.7 to 4.3 common shares held.

The offering will be from priced on January 24 with a record date of January 31, 2018. The offering period will be from February 2 to February 8, 2018.

For the first nine months of the 2017, RLC reported a consolidated attributable net income of R4.57 billion, a slight increase from last year.

Total real estate revenues were down by 3 percent to R15.27 billion against last year’s R15.80 billion, while hotel revenues were up by 5 percent to R1.37 billion.

The Commercial Centers Division contributed 47 percent or R7.82 billion of RLC’s gross revenues, posting a 5 percent growth due to full-year rental revenue contribution of lifestyle centers opened in 2015 and revenue contribution of the three new malls and two mall expansions opened in 2016.

RLC’s Residential Division contributed 31 percent or R5.06 billion to RLC’s revenues while Office Buildings Division contributed 14 percent or R2.39 billion, up by 6 percent from last year’s R2.26 billion.

The Hotels Division contributed 8 percent or R1.37 billion to RLC’s revenues, up by 5 percent versus same period last year. The Hotels Division posted a system-wide occupancy rate of 66 percent as of September 30, 2017.