ROBINSONS Land Corp. (RLC) said Tuesday it had disbursed over P2 billion out of the P8.49 billion proceeds from the block placement of RL Commercial REIT Inc. (RCR) shares.

"The procedures were performed solely to enable the company to comply with the Philippine Stock Exchange Inc.'s requirement to submit an external auditor's certification on the information being presented by the company relating to the use of proceeds," RLC said in its filing with the local bourse.

As of June 30, 2024, RLC distributed P2 billion for capital expenditures among its properties.

Le Pont Residences received the highest from the disbursement, getting over P252 million, followed by Iloilo Towers and RLX Calamba with P210 million and P191 million, respectively.

The remaining proceeds of more than P6.3 billion will be distributed in accordance with the Philippine Standard on Related Services 4400 or the Engagements to Perform Agreed-Upon Procedures Regarding Financial Information.

RLC's move increased its REIT unit's public float to 49.95 percent.

It plans to infuse P25 billion worth of assets and increase RCR's gross leasable area by 60 percent this year.

Last month, the Gokongwei-led firm infused P33.9 billion worth of assets into RCR via a property-for-share swap.

RLC subscribed to nearly 5 billion primary common shares of RCR in exchange for 11 malls and two office buildings that will be presented at the annual stockholders meeting next Monday, July 15, for approval.

On Tuesday, RLC shares dropped 28 centavos at P14.28 each, while RCR shares rose by 4 centavos to P5.34 apiece.