ROBINSONS Land Corp. (RLC) has gained approval from its board of directors to issue up to P15-billion fixed-rate bonds.
In a disclosure to the stock exchange Tuesday, the Gokongwei-led property developer said its board of directors had given the nod for the company to issue peso-denominated bonds.
The issuance will have an aggregate principal amount of P10 billion with an over-subscription option of up to P5 billion.
RLC did not give further details as these are yet to be finalized.
“(The issuance is) subject to the requirements of the Securities and Exchange Commission and the rating process of the Philippine Rating Services Corporation,” it said. “Further details on the offer will be made available to the public once finalized.”
RLC handles the real estate and hotel business of its parent firm JG Summit Holdings, Inc. It reported a 6% increase in net income last year to P8.69 billion, driven by a P1.02-billion jump in revenues to P30.58 billion.
Shares in RLC at the stock exchange gained 95 centavos or 4.75% to close P20.95 apiece yesterday. — Denise A. Valdez
