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ROBINSONS Land Corp. (RLC), the property arm of the
Gokongwei-led JG Summit Holdings, will sell P2 billion
worth of corporate notes to fund capital expenditures.
The
company, whose shares are traded at the stock exchange,
said the notes will carry a maturity of five years.
“The
placement will be not more than 19 primary institutional
lenders,” RLC said.
The
placement, distribution and sale of the notes will be
managed by HSBC Corp.
RLC is
investing heavily in the next five years to put up 16
shopping malls in various parts of the country.
Its
president and chief operating officer, Frederick Go,
said they are allotting P12 billion for capital
spending, the bulk of which will be supported by
internally-generated funds.
Out of
the 16 malls, he said four will be developed this year,
including Robinsons Pulilan (Bulacan), Robinsons
Cabanatuan and Robinsons Otis in Manila. Other malls in
the pipeline are located in Dumaguete,
Davao and
Cebu.
At the
end of its September 2007 fiscal year, RLC operated 19
malls (six in Metro Manila and 13 in key provinces) with
a combined gross floor area of about 1.279 million
square meters.
The
shopping mall business, which falls under RLC’s
commercial centers division, contributed 39.3 percent of
the company’s total gross revenues of P8.9 billion at
the end of its 2007 fiscal year.
Go also
said the company will embark on four high-residential
and at least six housing subdivisions projects this
fiscal year. Two office projects will likewise be
launched this year and a hotel project is being planned
for construction in a 6-hectare lot in
Tagaytay
City
in 2009. |
