Following the successful shares flotation by its sister firm Universal Robina Corporation, JG Summit Holdings unit Robinsons Land Corp. will soon follow suit to increase its free float to 40 percent from the current seven percent within the year in a bid to enhance trading liquidity in its shares, RLC president Lance Gokongwei said yesterday.
"We are planning to increase the free float of Robinsons Land
to reflect the real value of the company," Gokongwei
told reporters in an interview.
said proceeds from the offering will be used for the expansion of its malls, hotels and other property development projects.
"We believe that the current share prices of our subsidiaries are undervalued and do not reflect the real prospects of our companies," Gokongwei
JG Summit Holdings, Inc. will use the proceeds from the sale of some of its shares in Universal Robina Corporation to strengthen its balance sheet and pay down debts, company president and chief executive officer Lance Gokongwei said.