C01916-2018 |
Title of Each Class | Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding | |
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Common | 5,193,830,685 |
The Exchange does not warrant and holds no responsibility for the veracity of the facts and representations contained in all corporate disclosures, including financial reports. All data contained herein are prepared and submitted by the disclosing party to the Exchange, and are disseminated solely for purposes of information. Any questions on the data contained herein should be addressed directly to the Corporate Information Officer of the disclosing party.
Subject of the Disclosure |
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Joint Venture Agreement between Robinsons Land Corporation ("RLC") and Shang Properties, Inc. (“SPI”) |
Background/Description of the Disclosure |
RLC has signed an agreement with SPI to form a joint venture corporation ("JVC"). Both RLC and SPI shall each own 50% of the outstanding shares in the JVC to be formed. |
Date of Approval by Board of Directors | Nov 13, 2017 |
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Date of Approval by Stockholders, if applicable | N/A |
Description and nature of the transaction including the timetable for implementation, and related regulatory requirements |
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RLC and SPI, through the JVC, shall build and develop a property situated at McKinley Parkway corner 5th Avenue and 21st Drive at Bonifacio Global City, Taguig, Metro Manila. The project is intended to be a mixed-use development and may include residential condominium units, serviced apartments and commercial retail outlets. The JVC also plans to pursue other development projects. The joint venture agreement between RLC and SPI is subject to approval by the Philippine Competition Commission ("PCC"). RLC received official notice of such approval by the PCC on March 22, 2018. |
Rationale for the transaction including the benefits which are expected to be accrued to the Issuer as a result of the transaction |
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To jointly develop and sell residential condominium units and/or develop and operate serviced apartments. |
Amount of investment and/or interest by the parties involved |
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Total investment of at least P10,000,000,000. |
Provisions on profit-sharing, arrangements on management and operations |
Profit sharing shall be in accordance with shareholding of each party. The JVC shall be managed by a Board of Directors composed of six (6) members and RLC and SPI shall each nominate 3 directors. |
Conditions precedent to closing of transaction, if any |
The joint venture is subject to approval by the PCC. |
Other salient features of the joint venture agreement |
N/A |
Name | Nature of Business | Nature of any material relationship with the Issuer, their directors/officers or any of their affiliates | |
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Shang Properties, Inc. | Property Developer | No relationship |
Effect(s) on the business, financial condition and operations of the Issuer, if any |
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The proposed joint venture is not expected to have any adverse effect on the business, financial condition and operations of RLC. |
Other Relevant Information |
N/A |
Name | Rosalinda Rivera |
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Designation | Corporate Secretary |