Robinsons Land’s REIT names Faraday Go as board chairman
RL Commercial REIT, Inc. (RCR) announced on Tuesday that its board of directors had elected Faraday D. Go as chairman.
In a regulatory filing, Robinsons Land, Inc.’s real estate investment trust said Mr. Go’s election as board chairman took effect on Jan. 8.
Mr. Go is the brother of Frederick D. Go, who recently stepped down as president and chief executive officer of Robinsons Land Corp. (RLC), as well as RCR’s chairman and member of the board after being appointed as special assistant to President Ferdinand Marcos, Jr. for investment and economic affairs.
RCR is the real estate investment trust arm of Gokongwei-led RLC.
For the first nine months of 2023, RCR logged a 4% increase in its revenue to P4.1 billion.
RLC recorded an attributable net income of P3.06 billion for the third quarter, higher by 49.3% compared to P2.05 billion a year ago, as the company’s third-quarter gross revenue jumped by 27.9% to P10.58 billion from the P8.27 billion previously.
On Tuesday, RCR shares rose by three centavos or 0.6% to P5.05 apiece while RLC shares improved by 38 centavos or 2.4% to P16.24 each. — Revin Mikhael D. Ochave