C02333-2019 |
Title of Each Class | Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding | |
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Common | 13,277,470,000 | |
Preferred | 960 |
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 between Robinsons Land Corporation ("RLC") and DMCI Project Developers, Inc. ("DMCI PDI") |
Background/Description of the Disclosure |
The incorporation of RLC DMCI Property Ventures, Inc., a joint venture company (JVC) between RLC and DMCI PDI, has been approved by the Securities and Exchange Commission. |
Date of Approval by Board of Directors | Sep 3, 2018 |
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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 DMCI Property Ventures, Inc., shall engage in the purchase, lease, development and sale of real estate properties. The proposed project situated in Las Pinas City, is intended to be a multi-tower residential condominium and may include commercial spaces. |
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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As two of the leading real estate developers in the country, the combined experience of RLC and DMCI PDI particularly on the design, construction and property management shall provide a well planned residential development to the market that we are serving. |
Amount of investment and/or interest by the parties involved |
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RLC and DMCI PDI have agreed to put in an initial capitalization of P500,000,000.00 each. |
Provisions on profit-sharing, arrangements on management and operations |
Profit sharing shall be in accordance with the shareholding of each party, i.e 50:50. The JVC shall be managed by the Board of Directors composed of six (6) members, three (3) directors from each party. |
Conditions precedent to closing of transaction, if any |
N/A |
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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Robinsons Land Corporation | no relationship | - |
Effect(s) on the business, financial condition and operations of the Issuer, if any |
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The incorporation of the JVC is not expected to have any adverse effect on the business, financial condition and Operations of DMCI PDI and DMCI Holdings Inc. |
Other Relevant Information |
None |
Name | Brian Lim |
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Designation | Vice President & Senior Finance Officer |