INQ7 MONEY - BREAKING NEWS
August 07, 2006
Updated 10:03:41 (Mla time)
Cecille Yap
Xinhua Financial News Service
HALF of the shares that will be sold during Robinsons Land Corp.'s proposed international and local offering will come from the property firm's major shareholders.
Robinsons Land said that of its proposed offering of up to 932.806 million common shares, about 482.806 million shares or 51.75 percent would be from parent JG Summit Holdings Inc. as well as affiliates Universal Robina Corp and JG Summit Capital Services Corp.
At Friday's closing price of 11.25 pesos, the property firm and its shareholders may raise around 10.5 billion pesos from the share sale, although the company has yet to fix the timetable for the offer.
Robinsons Land told the stock exchange that JG Summit has agreed to offer up to 9.708 million shares, Universal Robina as much as 410.471 million or its entire stake in the property firm and JG Summit Capital a total of 62.627 million shares.
Universal Robina in July increased its shares in Robinsons Land by acquiring 293.62 million shares from Express Holdings Inc. Before that, it had 116.852 million shares of Robinsons Land as of end-June, according to market data provider Technistock.
Robinsons Land earlier said the offer price of its shares would be based on the stock's weighted average price for the 10 trading days immediately preceding the pricing date, subject to a discount of up to 10 percent.
Robinsons president Lance Gokongwei has said the share sale would increase the company's free float to 40 percent from the current seven percent and boost trading liquidity in its shares.
(One dollar = 51.52 pesos)
http://services.inq7.net/express/06/08/07/html_output/xmlhtml/20060807-13872-xml.html
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