RCBC sells stake in property unit

Posted at 03/26/13 9:40 AM

MANILA, Philippines-- Rizal Commercial Banking Corp. on Tuesday said it will be selling its 34.8% stake in RCBC Realty Corp. to a consortium of two companies, which are also owned by the Yuchengco family.

In a disclosure, Yuchengco-led bank said its board of directors approved of the sale of the property developer to a consortium made up of Pan Malayan Management and Investment Corp., and House of Investments.

The transaction is valued at P4.31 billion to P5.48 billion.

RCBC Realty is majority owned by RCBC Land Inc. RCBC has a direct 25% stake in RCBC Realty, and a 9.8% indirect stake through its equity holdings RCBC Land, according to the bank's 2011 Annual Report.

In the same disclosure, the bank said its board has approved a cash dividend of P1 per share, with payout details to be released upon the approval of the Bangko Sentral ng Pilipinas. The dividend declaration amounts to a total of P1.141 billion covering 1.14 billion common shares and 342,082 preferred shares.