Over the last 60 days, GSIS upsized its stake by 10 times from 0.81 percent to 8.2 percent after buying 790.22 million RCR shares. Those shares are currently worth P4.35 billion, based on RCR’s current price.
GSIS is led by president, general manager and former veteran banker Jose Arnulfo “Wick” Veloso. Prior to the transactions, the fund owned 87.21 million shares of RCR.
RCR’s parent firm—property giant Robinsons Land Corp.—announced the successful private sale of 1.72 billion RCR shares at P4.92 each last April 5.
This raised the public ownership level of RCR to 49.95 percent. This was preparation for about P25 billion worth of assets that Robinsons Land will inject into RCR within the year.
Robinsons Land intends to infuse other asset classes which include malls, hotels and warehouses into RCR that meet RCR’s investment criteria, the property giant had said.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
