Property firm Robinsons Land Corp. (RLC) has secured regulatory approval to issue P12 billion worth of bonds to finance its capital expenditures (capex) this year.
In an email sent to media, the Securities and Exchange Commission (SEC) said it has approved RLC’s plan to issue P12 billion worth of fixed-rate bonds consisting of a P10-billion base offer and P2 billion as an oversubscription option.
RLC filed its application for the bond issue with the SEC on December 9 last year.
Proceeds from the bond offer will finance the company’s P17-billion capital spending this year and repay maturing debt.
The P17 billion capex for 2015 is slightly higher than last year’s P16 billion actual spending.
For the nine months ending in June last year, RLC said its net income attributable to shareholders rose 6.4 percent to P3.88 billion from P3.65 billion a year earlier, while revenues rose 5.3 percent to P13.1 billion from P12.4 billion previously.
Incorporated in 1980, RLC is the real estate investment arm of 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 businesses in different sectors: foods, 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 a 27.1-percent stake in Manila Electric Co.