Politics

Rockwell Land eyes P5-billion loan for capex

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ROCKWELL Land Corp.’s board has greenlit a P5-billion term loan facility as part of a plan to finance the company’s capital expenditures (capex), the Lopez-led company said on Wednesday.

In a regulatory filing, the property developer said that the loan facility, with a term of up to seven years, is with Metropolitan Bank & Trust Co.

“The proceeds of the loan will be used to fund capital expenditures, land acquisitions, and other investments,” Rockwell Land said.

Rockwell Land is the real estate subsidiary of Lopez-led First Philippine Holdings Corp. The company holds properties in the residential, office, retail, and leisure segments.

Some of the company’s properties include Rockwell Center and Power Plant Mall in Makati, as well as Rockwell Business Centers in Ortigas and Mandaluyong.

For the January to September period, Rockwell Land recorded a 26% increase in its attributable net income to P2.52 billion from P2 billion in 2022.

The company’s revenues increased by 6% to P13.33 billion compared to P12.47 billion.

Shares of Rockwell Land closed unchanged at P1.44 apiece on Wednesday. — Revin Mikhael D. Ochave