Vol. XXI, No. 218 [ Business World Online ]
Friday, June 6, 2008 | MANILA, PHILIPPINES
GOKONGWEI-OWNED Robinsons Land Corp. (RLC) yesterday said it would issue corporate notes to raise P2 billion for its capital spending this year.
In a disclosure, the real estate firm said less than 19 primary institutional lenders would avail themselves of the notes, which will have a term of five years and one day.
The company said it had appointed HSBC as the lead manager for the placement, distribution and sale of the notes.
Robinsons Land is the real estate arm of listed conglomerate JG Summit Holdings, which is also into the business of food and beverage manufacturing, hotel management, textiles, banking and finance, telecommunications, petrochemicals, air transportation and power generation.
It has allotted P10 billion in capital expenditures this year, 40% of which will be for the development of malls and the rest for the construction of four residential condominium buildings, six horizontal housing projects and two office buildings.
Last year, the company’s net profit rose by more than a quarter to P776.5 million due to higher revenues from its real estate projects.
The company has 23 shopping malls, 26 residential condominiums, six office buildings, 31 residential subdivisions and four hotels.
Earlier, it said it was building its first shopping mall in Ilocos Norte, one of the 15 that it seeks to set up in the next five years.
The listed firm said it had signed a joint venture deal with Venvi Development Corp., a property developer in the northern province.
Under the agreement, Robinsons Land will develop a two-level shopping mall along the National Highway, in the village of San Francisco in San Nicolas, Ilocos Norte. — LNPL
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