RLC targets P20 B from stock rights

Robinsons Land Corp. (RLC), the listed property unit of the Gokongwei family, is undertaking a stock rights offer to raise up to P20 billion.

“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,” the company said in a disclosure to the Philippine Stock Exchange.

The company will issue 950 million to 1.1 billion shares to qualified shareholders.

Shareholders can avail of one share for every 3.6 to 4.3 shares held, RLC said.

The board approved the stock rights offer on Nov. 13, the company added.

RLC has been on an expansion binge, beefing up its office portfolio in Metro Manila and key cities nationwide in response to growing demand from the information and BPO sector.

The company has expanded in Naga, Tarlac and Davao as part of the aggressive expansion of its office portfolio. It is also looking for other growth areas in urban cities around the country, which can support the infrastructure, talent and other requirements of BPOs.

RLC is also building another office development named Cybergate Delta within the Robinsons Cyberpark Davao, a 1.2 hectare property along J.P. Laurel Avenue, which is currently enjoying a boom in business activity.

Last year, RLC completed office buildings in Cebu City and Ilocos Norte.

RLC aims to end the year with 17 office developments with a combined leasable area of 397,000 square meters excluding the office spaces within some of the Robinsons Malls, with the completion of Cyber Sigma located in Fort Bonifacio in Taguig, Cybergate Naga in Camarines Sur, Naga City; Robinsons Luisita Office in Luisita, Tarlac City and Cybergate Delta in Davao City.