The transaction covered 945,946,000 common shares placed with local and international institutional investors through a negotiated secondary block trade.
The shares were sold at at P7.40 each, a 5.6 percent discount to the stock’s last close of P7.84 each.
The sale helps manage RCR’s share float as Robinsons Land continues to add assets to the REIT in exchange for shares.
Big picture
The aggreeent was completed before RCR’s index inclusion, a stage when large funds are expected to buy shares automatically to match index weights.
This also allowed institutional buyers to take a large position at a fixed price instead of buying shares gradually in the open market.
Deal details
The transaction was approved by the board of Robinsons Land and is scheduled to settle on Jan. 29 this year.
RCR will join the 30-member Philippine Stock Exchange index on Feb 2, replacing Alliance Global Group as part of the exchange’s regular review.
—Edited by Miguel R. Camus
