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The Blue chip stock Robinsons Land Corporation (RLC) posted a higher income as compared last year.

RLC has retained its Blue chip index position as released from yesterday rebalancing results from the Philippine stock Exchange. You can read our list of Blue chip stocks update article here.

On its disclosure RLC stated that;

“Robinsons Land has netted 2.56 Billion pesos in the second quarter exceeding last year’s performance by almost fourfold at 394% Despite unstable circumstances, RLC reported increasing customer activity and engagements in its malls, offices, hotels, industrials, as well as property development and residential services”

“For the first six months ended June 30, 2021, net income accelerated by 48% to end of 5.45 Billion. Consolidated revenues soared  by 55% to Php 26.0 Billion from P16.70 billion a year ago”

“The robust growth in the first half of 2021 is driven by the continued recovery of RLC’s core businesses, which posted a 51% surge in net income and the recorded earnings from its Chendu Ban Bian Jie project in china, as well as the sell of parcels of land within the Bridgetown Destination Estate”

Meanwhile the Securities and Exchange has approved listing of RLC REIT. The approval is together with Megaworld Corporation (MEG) subject to compliance with remaining requirements

According to SEC “The Securities and Exchange Commission has considered favorably the initial public offerings of real estate investment trusts sponsored by Robinsons Land Corporation and Megaworld Corporation,” it announced.

RLC has an offer price of up to 7.31 pesos per share with 3.32 billion common shares . It has an overallotment of 305.1Million shares. Once all shares are sold it will be able to raise P25.88B in net proceeds.

According to its disclosure the initial public offering (IPO) will start from August 31 to September 8, 2021. Listing date will be on September 20, 2021

MREIT, meanwhile, plans to offer 22 pesos per share price during its IPO and will sell up to 1 billion common shares. It has an  overalloment option of 161 million common shares, the offer could have as much as P26.3 billion.

During trading shares of RLC drop by -0.73% with 11.03Million net foreign selling