Robinsons Land Corporation, one of the major real estate companies in the Philippines, could raise up to Php20 billion in a stock rights offer while Easycall said it will raise its public offer to comply with new rules.
Robinsons Land seeks to raise Php20bn in stock rights offer
Listed real estate firm Robinsons Land Corporation plans to raise up to P20 billion, or about $394 million, in a stock rights offer, the company said in a disclosure on Thursday.
Robinsons Land has informed the Philippine Stock Exchange that it would issue 1.1 billion common shares at an offer price of Php18.20 per share.
Under the rights offer, each eligible shareholder of Robinsons Land is entitled to subscribe to one share for every 3.7217 existing shares held as of record date 31 January 2018.
Easycall to offer more shares to the public
IT and outsourcing firm Easycall Communications Philippines said it will offer more shares to the public in line with the new minimum ownership requirements set by the Securities and Exchange Commission (SEC).
In a disclosure to the Philippine Stock Exchange, Easycall said, TDG Ventures Inc, its majority shareholder, is aware that the SEC has already increased the minimum public ownership (MPO) for all companies undertaking an initial public offering to 20 percent effective late last year.
Easycall is one of the 68 listed companies the SEC said would have to raise their MPO as a result of the new requirement.
“In anticipation of this, TDG Ventures has expressed its intent to reduce some of its shareholdings through the market in support of Easycall’s compliance to the MPO that the SEC may impose,” the company disclosed.
Easycall’s shares were down 9.04 percent at noon to trade at Php47.30 apiece.