Yuchengco-led RCBC sells stake in realty firm

Yuchengco-led Rizal Commercial Banking Corp. (RCBC) on Tuesday said it sold its shareholdings in RCBC Realty Corp. to the consortium of Pan Malayan Management and Investment Corp. and House of Investments. The bank noted in a disclosure to the Philippine Stock Exchange that its 34.8 percent equity in RCBC Realty was prices between P4.31 billion and P5.48 billion. While Pan Malayan and House of Investments are investment vehicles of the Yuchengco Group of Companies, RCBC Realty is a joint venture between RCBC and the Government (of Singapore) Investment Corp. RCBC Realty—Majority-owned by RCBC Land Inc.—focuses on managing and developing real estate infrastructure projects, with corporate headquarters RCBC Plaza in the business and financial district of Makati its first project. In the same disclosure, the bank said its board met on Monday and approved a P1 per share cash dividend totaling P1.14 billion but no record and payment dates have been set prior to regulatory approval. — VS, GMA News