• Robinsons Land sets P12-B bond issue for capex


    Gokongwei-led upscale property firm Robinsons Land Corp. (RLC) is raising up to P12 billion from a planned bond offering to finance its capital requirements next year.

    In a disclosure to the Philippine Stock Exchange, RLC said the P12-billion fundraising is still “subject to the requirements of the Securities and Exchange Commission and the rating process of the Philippine Rating Services Corp.”

    The bond issue will consist of a P10 billion base offer and an additional P2 billion oversubscription option.

    RLC will use the proceeds from the bond offer to finance its P17 billion programmed capital expenditures (capex) for next year and also to pay down debt.

    The P17 billion capex for 2015 is slightly higher than this year’s P16 billion capex.

    For the nine months ending in June, RLC saw its net income increase by 6.4 percent to P3.88 billion from P3.65 billion a year ago while revenue went up 5.3 percent to P13.1 billion from P12.4 billion previously.

    Incorporated in 1980, RLC is the real estate investment arm of the Gokongwei family’s holding firm JG Summit Holdings Inc.

    RLC’s subsidiaries include: Robinsons Inn Inc., Robinsons Realty and Management Corp., Robinsons (Cayman) Ltd., Robinsons Properties Marketing and Management Corp. and Altus San Nicolas Corp., Altus Angeles Inc. and GoHotels Davao Inc.

    Besides RLC, JG Summit is also engaged in other sectors, including food, agro-industrial and commodities, real estate and hotel, air transportation, banking and petrochemicals. The company also has investments in telecommunications and power distribution.

    JG Summit’s subsidiaries are JG Summit Petrochemical Corp., CP Air Holdings Inc., URC, Robinsons Land and Robinsons Bank. It has an 8-percent interest in Philippine Long Distance Telephone Co. and 27.1-percent stake in Manila Electric Co.


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