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RLC to fold in 2 subsidiaries

22-Feb-12, 3:50 PM | Karen Martinez, InterAksyon.com

InterAksyon.com
The online news portal of TV5

MANILA, Philippines – The property arm of the Gokongwei group will absorb two subsidiaries in a bid to trim costs and increase the size of its operations.

Robinsons Land Corp. (RLC) told the local bourse that its board cleared the acquisition of Robinsons Inn Inc. and Robinsons Realty Management Corp.

RLC said the merger would cut down on costs by eliminating duplicate functions, as well as increase the listed firm’s financial strength and creditworthiness.

The proposed merger will be presented before stockholders during their April 18 meeting.