Robinsons Land to merge with its 3 real estate firms

Robinsons Land Corp., the real estate arm of holding company JG Summit Holdings Inc., on Wednesday disclosed that its board approved its merger with its three subsidiaries. In a statement to the Philippine Stock Exchange, RLC said wholly-owned subsidiaries Robinsons Homes Inc, Trion Homes Development Corp. and Manila Midtown Hotels and Land Corp. are also engaged in the real estate business. "The above-described merger is intended to achieve the following objectives: a) to integrate administrative processes and eliminate the duplication of functions; b) to attain greater efficiency and economy in the management of their operations and allow productive usage of resources; and c) to increase financial strength and creditworthiness," the company said. The merger of the subsidiaries with RLC will be presented for approval at the company's stockholders meeting on April 17. A company official told GMANews.tv that Manila Midtown owns three condominium projects in Manila and also owns a portion where the Robinsons Midtown is located. The Midtown wing of Robinsons Place is the newest annex of the mall located in Ermita, Manila. Trion, on the other hand, has developed socialized and mid-cost housing projects. Robinsons Homes, meanwhile, is the housing subsidiary of RLC. - GMANews.TV