ROBINSONS Land Corp. (RLC) has teamed up with the Tiu-Laurel family’s Frabelle Fishing Corp. to establish a firm that can purchase and develop properties in Cavite.
In a disclosure to the stock exchange on Wednesday, the property developer said its board of directors approved the joint venture (JV) partnership with Frabelle. The JV firm will have an authorized capital stock of P1 billion.
“RLC and Frabelle, through a joint venture company, shall purchase, lease and develop real estate properties situated in Bacoor City and other areas. The project is intended to be a mixed-use development and may include residential units and commercial retail outlets,” RLC said in a disclosure.
Founded in 1966 by Francis and Bella Tiu-Laurel, the Manila-based firm specializes in catching sardines, mackerel, round scad, skipjack, frigate, and yellowfin tuna. It supplies fresh, frozen, and processed seafood products locally, as well as markets in Africa, Europe, North America, the Middle East, and Asia, according to its website.
The Frabelle Group also has businesses in cold storage operation, meat processing, and property development.
RLC said profit sharing will be split in accordance with the shareholdings of each company, with the JV firm’s board to have six directors.
The Gokongwei-led RLC has been partnering with several firms this year to further expand its mixed-use developments in the country.
In February, it sealed a partnership with Hong Kong Land International Holdings Ltd. and its subsidiary Ideal Realm Limited for the purchase of a property in Bridgetowne East, Pasig City. RLC also announced its joint venture with Shang Properties, Inc. for a mixed use development in Bonifacio Global City last November.
RLC’s net income climbed by 43% to P6.55 billion in the first nine months of 2018, after revenues grew by 31% to P21.8 billion.
Shares in RLC jumped by 2.05% or four centavos to close at P19.90 each at the stock exchange on Wednesday. — Arra B. Francia