Rockwell Land to widen public float

01 Jun

Rockwell Land Corp. (ROCK) intends to widen its public float in a move seen to help boost the company’s stock price which it feels is undervalued at present.

With Ayala Land Inc. at 52%, SMPH at almost 30%, and Megaworld at 33%, the company thinks that this is a very clear indication to increase its public float from the current 12.9%

As a move to bolster the company’s recurring income portfolio, Rockwell is doubling its spending this year to PHP 13.0 billion from last year’s PHP 8.7 billion primarily to ramp up development of office and retail projects.

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Aside from its upcoming office and retail properties, Rockwell said the company is continuing the expansion of its residential portfolio as well with the recent acquisition of two prime residential properties expected to deliver an additional 230,000 square meters of gross floor area.

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Posted by on June 1, 2015 in Corporate News, ROCK, Stock Market


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