[ manilatimes.net ] May 19, 2011
ROBINSONS Land Corp. (RLC) has obtained the approval of the corporate regulator to increase its authorized capital stock through a stock rights offering.
In a disclosure to the Philippine Stock Exchange, the real estate company of the Gokongwei family said it received the go signal from the Securities and Exchange Commission to hike its capital stock from P3 billion divided into 3 billion common shares with a par value of P1 per share to P8.2 billion divided into 8.2 billion common shares with a par value of P1 each.
RLC has raised a total of P13.65 billion from the offering of 1.36 million common shares, which will be listed in the local bourse on Friday. The offered shares will be taken out of the increase in capital stock.
ATR KimEng was tapped as the lead underwriter and issue manager of the offering, which was oversubscribed by more than 40 percent.
Shareholders as of March 30 were entitled to subscribe to one offer share for every two common shares held during the offer period set on April 11 to 15.
The stock rights offering will partly finance RLC’s P30-billion capital expenditure program until next year for the expansion of its business units and to beef up its land bank.
Proceeds of the rights offering will be used for land acquisition, project construction and development, possible regional expansion and other general corporate purposes.
RLC’s net income attributable to equity holders of the parent in the first six months of its fiscal year ending September grew 13 percent to P2.037 billion on the strength of its office and residential businesses.
Its shares were unchanged at P12.98 on Friday.
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