RCBC gets another P2.3B from sales of holdings

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The Yuchenco-led Rizal Commercial Banking Corp. (RCBC) will get more than P2 billion for the sale of its interest in its property arms, RCBC Land Inc. and RCBC Realty Corp.

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In separate filings with the Philippine Stock Exchange, RCBC and House of Investments Inc. (HOI) both disclosed that they have executed share purchase agreements wherein RCBC agreed to sell to HOI its 10-percent stake in RCBC Realty for a total consideration of P1.3 billion.

RCBC also signed a share purchase agreement with RCBC Land wherein RCBC agreed to sell to RCBC Land its 7.34-percent stake in RCBC Realty for a total consideration of P959.1 million. All in all, RCBC will get approximately P2.3 billion for the sale of its interest in the property firms.

“Closing of the transactions remain subject to the satisfaction of the completion conditions under the share purchase agreements,” RCBC and HOI both said in their corporate disclosures.

It was reported on Friday that the listed bank was also set to sell stakes in its property arms to Pan Malayan Management and Investment Corp. (PMMIC) for a combined amount of P2.3 billion. An earlier disclosure to the Philippine Stock Exchange showed that RCBC and PMMIC signed share purchase agreements wherein RCBC agreed to sell to PMMIC alone its 7.66-percent stake in RCBC Realty and its 49-percent holding in RCBC Land.

The RCBC Realty shares that PMMIC intends to acquire will be sold for a total consideration of P1 billion, while the RCBC Land shares will be sold for a total consideration of P1.3 billion.

Earlier this month, RCBC announced that it will unload its stake in RCBC Land and RCBC Realty to prepare for the compliance with stricter Basel 3 capital guidelines for banks.

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