MANILA -- Gokongwei-led property developer Robinsons Land Corp. (RLC) has received approval from the board of the Philippine Stock Exchange Inc. to raise up to PHP20 billion through a stock rights offer (SRO), the proceeds of which will be used to acquire land for expansion.

The company will offer up to 1.1 billion common shares for PHP18 to PHP21 per rights share.

The shares will be priced on Jan. 24 while the offering will run from February 2 to 8.

The offer is open to existing common shareholders of the company in the country and those located outside the Philippines and the United States where it is legal to participate in the offer under the securities laws of such jurisdictions.

JG Summit Holdings Inc. (JGS), RLC’s controlling shareholder, has expressed full support for the company’s proposed offer.

The conglomerate has committed to purchase not just its entitlement of the rights shares, but also any unsubscribed rights share after the mandatory second round of SRO.

Should JGS fail to subscribe to all the remaining rights shares, BPI Capital Corp. will take up any remaining unsubscribed rights share pursuant to its role as underwriter. (PNA)