MANILA, Philippines - Property developer Robinsons Land Corp. announced Wednesday that its board of directors has approved a plan to undertake a stock rights offering.

"The board of directors is authorized to determine the final terms and conditions and implement any transaction in connection with the increase of shares of the corporation, including, but not limited to the stock rights offering, public offering or such other type of transaction without the necessity of obtaining furthur approval from the stockholders," the company said in a disclosure to the local bourse.

Company President Frederick Go told ANC that they are studying a one-for-two rights offer, meaning stockholders will be entitled to one new share for every two they own.

He said the size of the offer will be determined after the pricing in April or May.

Robinsons Land is holding a special stockholders meeting next week to vote on the increase in the property firm's authorized capital stock.

Robinsons Land is the property arm of conglomerate JG Summit Holdings Inc., which is owned by the Gokongwei Group.

It earlier reported a 17% rise in its net income to P1.016 billion during the first quarter of its fiscal year ending December 2010. - With ANC