Robinsons Land looks to boost freefloat through follow-on offering

The Philippines property developer will issue $100 million worth of new shares as part of a $225 million deal, with proceeds going towards the opening of nine new malls by 2008.

Philippines property developer Robinsons Land Corp is planning to launch a follow-on share offering next week to raise some fresh cash and, more importantly, increase its freefloat to about 40% from around 7% at present.

The total offer, which sources say will amount to about $225 million, will comprise both new and secondary shares and will include the unwinding of a cross shareholding between RLC and its sister company Universal Robina Corp.

ôRLCÆs freefloat today is about $39 million and...

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