RLC sells P7-billion RCR shares ahead of PSEi entry

Robinsons Land Corporation (RLC) has sold P7 billion worth of shares in RL Commercial REIT (RCR) ahead of the real estate investment trust’s inclusion in the Philippine Stock Exchange Index (PSEi).

In a disclosure to the Philippine Stock Exchange (PSE), RLC said the transaction involved 945,946,000 common shares placed with local and international institutional investors through a negotiated secondary block trade. The shares were sold at P7.40 apiece, representing a 5.6 percent discount to RCR’s previous closing price of P7.84.

The PSE announced on Tuesday that RCR will be included in the benchmark index starting Monday, 2 February 2026, replacing Alliance Global Group, Inc. (AGI) following the regular review of its indices. 

Sales of share to help manage RCR’s public float

The sale of RCR’s shares today will help manage its public float — or the total number of a company’s shares available to the general public for trading — as the parent company continues to inject additional assets into the REIT in exchange for shares.

AGI, in turn, will move to the PSE MidCap Index, effectively swapping places with RCR. 

With its inclusion, RCR will become only the second REIT to join the PSEi, following Ayala Land’s AREIT, which entered the index in February last year.

The share sale was completed ahead of RCR’s index inclusion, a point at which index-tracking funds are expected to automatically buy shares to match benchmark weightings. 

Allowing investors a sizeable stake

The transaction also allowed institutional investors to acquire a sizable stake at a fixed price rather than accumulating shares gradually in the open market.

The disclosure stated the transaction was approved by RLC’s board of directors and is scheduled to settle on Thursday, 29 January.

Once included, RCR will join the PSEi, which is composed of 30 of the country’s most liquid and well-capitalized companies, including Aboitiz Equity Ventures, BDO Unibank, and International Container Terminal Services, Inc.

The PSE currently maintains 10 indices, which track listed firms based on criteria such as market capitalization, liquidity, and sector classification. Movement between the PSEi and the MidCap Index is largely driven by market capitalization, calculated as share price multiplied by the total number of outstanding shares.

In addition to liquidity and size requirements, companies must maintain a minimum public float of 20 percent to qualify for index inclusion. The PSE also evaluates financial and trading performance when reviewing index composition, based on trading activity from January to December 2025.