Robinsons Land Corporation’s board of directors approved on June 28, 2019, the proposal for the company to form a joint venture with the Gokongwei Brothers Foundation (GBF). The approval paves the way for RLC, the real estate arm of the JG Summit conglomerate, and GBF, which mainly oversees the education-focused CSR initiatives of the conglomerate, to jointly purchase, lease, and develop real estate properties.
According to a disclosure submitted to the PSE, the authorized capital stock of the joint venture will be five billion pesos and the company shall be managed by a five-member board of directors.
Incorporated in 1980, RLC is in the midst of a major expansion in 2019, having already allotted a company-record P27 billion for capex spending. It is marking its 30th anniversary as a PSE-listed company later in October this year. One of the leading real estate and property developers in the Philippines, it has five business divisions: Commercial Centers, Residential, Office Buildings, Hotels and Resorts, and Industrial and Integrated Developments.
GBF was established in 1992 by John Gokongwei Jr. together with his brothers Johnson, Henry, and James Go. Each of them donated their personal shares in JG Summit Holdings, Inc. to establish the foundation, which aims to make a significant impact on education in the Philippines. At present, GBF is the largest stockholder of JG Summit Holdings, Inc., holding 27.88% of the conglomerate’s outstanding shares.
Through the potential income generated by the joint venture, GBF adds another source of funding for its CSR initiatives, apart from its shareholdings in the parent conglomerate.
For more information on the Gokongwei Brothers Foundation, click here.
Robinsons Land Corporation is located at 12/F Cyberscape Alpha, Garnet and Sapphire Roads, Ortigas Center, Pasig. You may reach them at (632) 397-1888. www.robinsonsland.com
