[ bworldonline.com]
ROBINSONS Land Corp. (RLC) has teamed up with the Tiu-Laurel
family’s Frabelle Fishing Corp. to establish a firm that can purchase
and develop properties in Cavite.
In a disclosure to the stock exchange on Wednesday, the property
developer said its board of directors approved the joint venture (JV)
partnership with Frabelle. The JV firm will have an authorized capital
stock of P1 billion.
“RLC and Frabelle, through a joint venture company, shall purchase,
lease and develop real estate properties situated in Bacoor City and
other areas. The project is intended to be a mixed-use development and
may include residential units and commercial retail outlets,” RLC said
in a disclosure.
Founded in 1966 by Francis and Bella Tiu-Laurel, the Manila-based
firm specializes in catching sardines, mackerel, round scad, skipjack,
frigate, and yellowfin tuna. It supplies fresh, frozen, and processed
seafood products locally, as well as markets in Africa, Europe, North
America, the Middle East, and Asia, according to its website.
The Frabelle Group also has businesses in cold storage operation, meat processing, and property development.
RLC said profit sharing will be split in accordance with the
shareholdings of each company, with the JV firm’s board to have six
directors.
The Gokongwei-led RLC has been partnering with several firms this
year to further expand its mixed-use developments in the country.
In February, it sealed a partnership with Hong Kong Land
International Holdings Ltd. and its subsidiary Ideal Realm Limited for
the purchase of a property in Bridgetowne East, Pasig City. RLC also
announced its joint venture with Shang Properties, Inc. for a mixed use
development in Bonifacio Global City last November.
RLC’s net income climbed by 43% to P6.55 billion in the first nine months of 2018, after revenues grew by 31% to P21.8 billion.
Shares in RLC jumped by 2.05% or four centavos to close at P19.90 each at the stock exchange on Wednesday. — Arra B. Francia
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