Robinsons Land Corporation's Board Approved the Sale of RCR Shares for P1.8 Billion

Today, the Board of Directors of Robinsons Land Corporation (RLC) authorized the sale of a total of 318,902,800 common shares of RL Commercial REIT, Inc. (RCR) at a transaction price of P5.86 per share, equivalent to P1,868,770,408.00 (exclusive of taxes and fees). The transaction was anchored by high-quality long-only institutional investors.

The Placement Shares will be offered and sold in the Philippines under transactions exempt from registration under the Philippine Securities Regulation Code (SRC), specifically, Sec 10.1(k) and Sec 10.1(I) of the SR0C, as implemented by Rule 10.1.2 and Rule 10.1.3 of the implementing rules and regulations of the SRC. The Placement Shares will not be registered with the Philippines Securities and Exchange Commission under the SRC. Any future offer or sale of the Placement Shares by the buyers thereof in the Philippines is subject to the registration requirements of the SRC unless such offer or sale qualifies as an exempt transaction in accordance with the applicable requirements of the SRC.

The proceeds from the block sale shall be settled on October 22, 2024, under the Placement Agreement. RLC will submit the required Reinvestment Plan detailing the use of proceeds obtained from the sale of the Placement Shares accordingly.

BPI Capital Corporation acted as the Sole Place Agent and Bookrunner for this transaction and Picazo Buyco Tan Fider & Santos acted as transaction counsel.