Yuchengcos sell RCBC property units to Gotianuns

MANILA, Philippines — Rizal Commercial Banking Corp. of the Yuchengco Group of Companies is selling two wholly owned real estate subsidiaries to Gotianun-led Filinvest Land Inc. (FLI).

In a disclosure to the Philippine Stock Exchange, RCBC said that its board of directors approved the proposed sale and transfer of shares held in Niyog Property Holdings Inc. (NPHI) and Cajel Realty Corp. (CRC) to FLI.

Both NPHI and CRC, incorporated in September 2005 and February 2009, respectively, are 100 percent owned by RCBC and are tasked to purchase or dispose real and personal properties.

NPHI and CRC, owners of certain parcels of land in Bacoor, Cavite, have a joint development agreement with FLI, which developed the properties into an exclusive residential subdivision, now known as Princeton Heights.

RCBC said the disposition of NPHI and CRC shares is being made to convert to cash its investments and realize the gains arising from such sale.

The Yuchengco-led bank said the sale is subject to completion of FLI’s due diligence and compliance with conditions to be agreed by the parties.

Likewise, the bank’s board has approved the declaration of a cash dividend to holders of common and preferred shares amounting to P2.2 billion.

The dividend amounting to P1.08 per share covers holders of preferred and common shares as of the close of the 10th trading day from board approval and payable within 10 trading days from record date.

RCBC said that the actual and final amount of cash dividends may change for new or additional issuance of shares and if there are conversions of preferred shares to common shares prior to and up to record date.

RCBC’s earnings jumped by 71 percent to an all-time high of P12.1 billion last year from P7.1 billion in 2021, supported by the double-digit increase in core business income.

RCBC president and CEO Eugene Acevedo earlier said that the bank continues to work hard and smart to accelerate its transformation journey.

“Delivering best-in-class customer experience remains our main thrust. And so we are excited to develop more digital innovations and disruptive solutions that can reshape the way we do banking,” Acevedo said.

With an upcoming P27-billion capital injection from Japan’s Sumitomo Mitsui Banking Corp. (SMBC), RCBC could reinforce its asset growth trajectory to become one of the biggest banks in the country.

With P1.2 trillion in total resources as of end 2022, RCBC said it is now the fifth biggest privately owned bank in the country.

RCBC has a total consolidated network of 462 branches, 1,352 ATMs and 1,559 ATM Go terminals strategically located nationwide as of end-2022.