Robinsons Land Corp said it would buy back up to P3 billion in shares after its REIT listing affirmed the value of the developer as among the Philippines' largest.
The market values the Gokongwei-led real estate giant at P90.8 billion, based on its closing price of P17.48 per share on Nov. 3.
“The board unanimously approved the stock buyback program. The recent REIT listing ofRL Commercial REIT (RCR) and its subsequent strong performance, crystalizes the valueof RLC”, said Frederick D. Go, President and CEO of RLC.
Robinsons Land Commercial REIT Inc, which manages P73.9 billion in properties, closed at an all-time high P7.22 per share on Nov. 2, just two months after listing.
Robinsons Land raised P23.5 billion from a secondary share offering that was oversubsribed and which it will use for its expansion in the next 11 months.
The share buyback program will not affect RLC's prospective and existing projects and investments. Shares purchased under the buyback program will be booked as treasury shares of thecompany.
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