C08612-2019 |
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 between Robinsons Land Corporation ("RLC") and DoubleDragon Properties Corp. ("DDPC"). |
Background/Description of the Disclosure |
RLC has signed an agreement with DDPC to form a corporation for the joint development of a property located along E. Rodriguez Jr. Avenue, Libis, Quezon City. |
Date of Approval by Board of Directors | Dec 9, 2019 |
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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 DDPC, through the JVC, shall develop a property situated at E. Rodriguez Jr. Avenue, Libis, Quezon City with an area of 10,032.10 square meters. The project will form part of the integrated development of Bridgetowne which features residential condominiums, office buildings, shopping centers, and a 5-star hotel. The township also features a one hectare park, an iconic public art installation and a transport terminal. The joint venture between RLC and DDPC is subject to approval by the Philippine Competition Commission ("PCC"). |
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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The rationale for the joint venture is to build office buildings for lease to corporations, BPOs, and retail outlets. The joint venture is expected to be beneficial to both RLC and DDPC and shall strengthen the leasable portfolio of both companies. |
Amount of investment and/or interest by the parties involved |
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RLC's investment for the property acquisition is estimated to be P644,000,000.00 inclusive of taxes. |
Provisions on profit-sharing, arrangements on management and operations |
Profit sharing shall be in accordance with the shareholding of each party. The JVC shall be managed by a Board of |
Conditions precedent to closing of transaction, if any |
The joint venture is subject to approval by the PCC and other regulatory bodies. |
Other salient features of the joint venture agreement |
N/A |
Name | Nature of Business | Nature of any material relationship with the Issuer and the parties to the joint venture, their directors/officers or any of their affiliates | |
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DoubleDragon Properties Corp. | Real Estate Development | 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 |