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RLC raises P20 billion from stock rights offering

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ROBINSONS LAND Corp. (RLC) has raised P20 billion from the completion of its stock rights offering (SRO) last week.

In a disclosure to the stock exchange Monday, the Gokongwei-led property developer said the SRO, offered from Feb. 2 to 8, was oversubscribed. A total of 1.1 billion shares priced at P18.20 apiece were sold from the issuance, 1.074 billion of which were sold during the first round, while 25.995 million shares were sourced from the oversubscription option.

One rights share was offered for every 3.7217 existing common shares held as of Jan. 31.

The offer brings RLC’s total issued and outstanding shares to 5.194 billion, with 3.871 billion held by local shareholders and 1.322 billion owned by foreign investors.

RLC looks to use the funds raised from the offer to finance land acquisitions that would support the expansion of its commercial, residential, office, and hospitality businesses.

The company booked a single-digit increase in attributable profit in the first nine months of 2017 to P4.56 billion, following flat revenues that stood at P16.64 billion.

Shares in RLC were down by 25 centavos or 1.21% to close at P20.40 apiece at the stock exchange on Monday. — Arra B. Francia