20/10/2024
RLC sells shares in REIT for P1.9 billion
Elijah Felice Rosales - The Philippine Star
MANILA, Philippines — Robinsons Land Corp. (RLC) has raised P1.87 billion from the overnight block placement of its shares in its real estate investment trust (REIT) unit.
RLC yesterday sold 318.9 million common shares in RL Commercial REIT Inc. (RCR) at P5.86 per share, raising P1.87 billion in proceeds, exclusive of taxes and fees.
This raised the public float of RCR to 5.65 million common shares, or 35.93 percent, of the total issued and outstanding common shares of the company.
RLC said the placement shares were offered and sold within the Philippines and they were listed as transactions exempt from registration.
As such, RLC no longer had to process the shares with the Securities and Exchange Commission as allowed by the Securities Regulation Code.
