GOKONGWEI-LED Robinsons Land Corp. is seeking to raise P20 billion in fresh funds from the issuance of more than 1 billion common shares via a stock rights offering.
In a disclosure to the Philippine Stock Exchange, Robinsons Land said its Board of Directors approved on November 13 the issuance of from 950 million to 1.1 billion common shares.
“Robinsons Land intends to use the majority of its net proceeds from the Offer to finance the acquisition of land located in various parts of the country for all its business segments,” it said.
Under the offer, investors may avail of one rights share for every 3.6- to 4.3 common shares held.
Details on the issue price and issue date, as well as the offer period, have yet to be finalized.
Robinsons Land is the property arm of conglomerate JG Summit, which is owned by magnate John Gokongwei.
In the first nine months of the year, the real estate developer posted net income of P4.57 billion, up one percent from the P4.5 billion registered in the same period last year.