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Philippine Daily Inquirer
Last updated 02:48am (Manila time) 09/01/2006
Robinsons Land Corp. said it planned to spend about P7 billion for land acquisition and property development next year, using part of proceeds of a stock offering being prepared for this month.
The proposed share offer was presented Thursday to the Securities and Exchange Commission en banc for approval.
The company is aiming for P10-P12 billion in fresh capital from the offering of old and new shares, mostly to foreign investors.
In a draft prospectus filed with the SEC, Robinsons Land said its P7-billion capital expenditure in 2007 would be in construction of new malls, improvement of existing malls, acquisition of land for commercial centers, development of residential buildings and subdivisions, and refurbishment of hotels.
Robinsons Land plans to offer 811 million shares largely to foreign investors next month, which can be raised further to 933 million shares depending on demand.
From the primary offer, Robinsons Land estimates it can generate P5.23 billion.
In the secondary offer, the selling shareholders are JG Summit Holdings Inc., JG Summit Capital Services Corp. and Universal Robina Corp., which together will get P4.13 billion.
Inquirer sources said the JG Summit group, headed by the tycoon John Gokongwei, holds 94 percent of Robinsons Land’s outstanding capital.
After the share offer, the group will retain about 60 percent, the sources said.
Robinsons Land said the offer price would be computed based on the average trading price of its shares for 10 trading days ending Sept. 22, subject to a discount of up to 10 percent.
Robinsons Land’s closing price on Aug. 23 was P12.00 per share.
The company has hired UBS Investment Bank as the sole international underwriter and ATR Kim Eng Capital Partners Inc. is the domestic underwriter. Elizabeth L. Sanchez, with INQ7.net
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