ROBINSONS LAND CORPORATION OFFICIAL WEBSITE

By Zinnia B. Dela Peña
The Philippine Star 09/26/2006

Gokongwei-owned property firm Robinsons Land Corp. (RLC) has set the price of its planned secondary share offering at P12 each, to raise around P9.7 billion.

In a disclosure to the Philippine Stock Exchange, ATR Kim-Eng Capital Partners Inc. managing director Roberto Banares said subscribers to the secondary offering would have to pay P12.04 per share (inclusive of the costs and expenses).

RLC is offering a total of 811.14 million shares to both local and foreign investors. Of this amount, 770.585 million had been floated in the international markets since Sept. 11 while the remaining 40.55 million will be offered locally from Sept. 27 to Sept. 29.

The company has set aside up to 121.67 million common shares in case there is oversubscription of shares. The listing of the shares has been set on Oct. 5.

ATR-KE is the lead domestic underwriter while UBS Investment Bank is sole international underwriter and book runner.

Proceeds from the offering will be used to partly finance capital expenditures for fiscal year 2007, amounting to P7.03 billion. Bulk of the capital budget or P2.72 billion will be used for the development of residential buildings. Another P2.25 billion will be channeled to the improvement of existing malls and P1.3 billion will go to the construction of new ones.

About P436 million has been earmarked for the development of housing subdivision projects while some 323.1 million has been set aside for hotel improvement and construction.

The Gokongwei group wants to raise RLC’s minimum public float to as much as 40 percent from the current seven percent.

RLC is building seven new malls in Davao, Tagaytay, Dumaguete, Sucat, Manila, Pangasinan, and General Santos. These new malls are expected to be completed next year and in 2008.

The company is also completing the redevelopment of a portion of Robinsons Galleria mall to be called West Wing, and Robinsons Ermita.