Business Mirror
Feb 22, 2006
| Universal Robina sells more shares BUOYED by the continuous demand from foreign investors, the shareholders of Universal Robina Corp. (URC) have exercised the over allotment option and agreed to sell an additional 95,217,400 common shares, translating to proceeds of about P1.6 billion. "In connection with the primary and secondary offering of up to 634,782,600 common shares of URC, an additional 95,217,400 common shares have been agreed to be sold by the selling shareholders. JG Summit Holdings Inc. agreed to sell an additional 21,849,600 common shares; Express Holdings Inc. with 53,597,100; and Robinsons Supermarket Corp. with 12,210,300 common shares," the company said in a disclosure to the stock exchange. The shares are valued at P17 a piece. URC's primary and secondary shares were listed at the bourse last February 14. On Tuesday, its share price closed at P17.75 with 4.18 million total shares traded. Earlier, URC president Lance Gokongwei said the group would be preparing next for the offering of the shares of Robinsons Land Corp. (RLC) later this year. "The plan is to do a relisting to increase the free float of RLC," explained Gokongwei. RLC's free float is currently at 7 percent. Gokongwei said their target is to raise the public ownership to 40 percent. "We would sell enough to generate free float and enough to be part of the Philippine Composite Index (Phisix) again." Free float refers to the shares of a public company that are freely available to the investing public. RLC is the property development arm of JG Summit Holdings Inc. The latter owns 74 percent in RLC, while URC has a stake of 19 percent. Gokongwei said the potential proceeds from the RLC offering would be used to finance its ongoing programs. RLC's core business includes commercial center development and operation, hotel development and management, upscale and mass housing development and quality high-rise office and residential buildings development. Honey Madrilejos-Reyes | |
| http://www.businessmirror.com.ph/2006/0222/22%20cos%20universal.php |
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