PHILIPPINE REAL ESTATE and RELATED NEWS in and around the country . . .

Robinsons cleared to sell P42-b stocks

By Jenniffer B. Austria | Posted on Sep. 02, 2013 at 12:03am |

The Securities and Exchange Commission has approved the P42-billion initial public offering of Robinsons Retail Holdings Inc., the retail unit of the Gokongwei family.

Documents filed with the SEC showed Robinsons Retail planned to sell 461.897 million shares, with an overallotment option of 22.852 million shares, at an offer price of P86.64 apiece.

The offer shares, representing 35 percent of the company’s outstanding shares, would be listed under the first board of the Philippine Stock Exchange.

Robinsons hired Deutsche Bank, JP Morgan Securities Plc. and UBS as the joint bookrunners, and international lead managers for the offering.

Maybank ATR Kim Eng Capital Partners Inc. is the sole domestic underwriter.

Robinsons Retail did not set timetable for the planned offering but said proceeds would be used to establish new retail stores, renovation of existing stores and repayment of outstanding bank loans.

The company is spending P33.59 billion to expand its retail network by nearly 50 percent to 1,391 stores by 2014 from 940 stores of as end-June 2013.

It said of the 453 new stores, 227 would be built in Metro Manila and 226 would rise in other parts of the country.

Robinsons Retail is also spending P2.89 billion for the renovation of existing stores and P1.71 billion for debt repayment.

The company seeks to further explore partnerships with foreign retail companies, by adding more fashion brands to its international fashion specialty portfolio.

Robinsons Retail operates six retail segments including department stores, supermarkets, home improvement stores, convenience stores, drug stores and specialty stores.

It operates the second-largest network of department stores and supermarkets, under the brand Robinsons Supermarket and Robinsons Department Stores. It is also the second largest home improvement store operator in the country, as it operates Handyman, Do It Best, True Value and Howards Storage World.

Robinsons Retail is also the exclusive local franchisor of Japanese convenience store chain Ministop. It also owns South Star Drug Store and a chain of specialty stores that carries the brand Toys R Us, Topshop, Topman, Dorothy Perkins and Saizen.

The company said it planned to maintain an annual cash dividend payout ratio of 20 percent of its audited consolidated net income for the preceding year.

real estate central philippines
Copyright ©2008-2018