Robinsons Land Corp. , the property development arm of the Gokongwei Group, on Friday said its board has approved the sale of 318.9 million common shares of RL Commercial REIT Inc. at a transaction price of P5.86 per share.
The transaction, worth a total P1.87 billion, excluding taxes and fees, is supported by high-quality long-term institutional investors.
The shares will be sold in the Philippines under exemptions from registration in accordance with the Philippine Securities Regulation Code. The specific exception is on the sale to less than 20 investors or to institutions such as banks, pension funds and investment houses. Consequently, the placement shares will not be registered with the Philippine Securities and Exchange Commission.
Future sales or offers of the shares in the Philippines will need to comply with SRC registration requirements unless they qualify as exempt transactions.
The proceeds from this block sale are scheduled to be settled on22 October, as per the placement agreement. RLC will also submit a reinvestment plan detailing how the proceeds from the sale will be utilized.
BPI Capital Corp. served as the sole place agent and bookrunner for the transaction, while Picazo Buyco Tan Fider & Santos provided legal counsel.
