Robinsons Land (PSE:RLC) board has approved the sale of 946 million shares in RL Commercial REIT (PSE:RCR) for 7 billion Philippine pesos.
The shares will be sold at 7.40 pesos apiece, as part of a block placement to institutional investors, according to a Tuesday Philippines Exchange filing.
Settlement of the block sale is scheduled for Jan. 29, and the property developer will submit a reinvestment plan detailing the use of proceeds from the deal.
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