Regulator approves CLI’s P5-B follow-on offering

THE PHILIPPINE Stock Exchange (PSE) has approved the planned P5billion follow-on offering of property developer Cebu Landmasters, Inc. (CLI), slated to be listed on April 12.

The offering comprises a base offer of three million Series A preferred shares with an oversubscription option of up to two million preferred shares, priced at P1,000 each, the PSE said in an advisory issued on Wednesday.

“The exchange approved the application of CLI for the listing of up to five million Series A Preferred Shares to be issued in two subseries, Series A-1 and Series A-2…,” the PSE said.

CLI said in its prospectus dated March 12 that it plans to issue and list the shares on April 12, while the public offer period is expected to run from March 19 to April 2.

The property developer expects to generate about P3 billion in net proceeds from the offer. It previously said that proceeds would be used to partially finance project development and capital expenditures, as well as general corporate purposes.

CLI tapped BPI Capital Corp. and China Bank Capital Corp. as the joint issue managers for the offer. BPI Capital and China Bank Capital were also tapped as joint lead underwriters and joint bookrunners for the offer, along with PNB Capital and Investment Corp. and RCBC Capital Corp.

CLI is a property developer that has presence in Visayas and Mindanao. Its portfolio consists of residences, offices, hotels and resorts, mixed-use developments, and townships.

The company seeks to launch its first project in Luzon by the second half of this year.

On Wednesday, CLI shares rose by 0.35% or one centavo to P2.83 apiece.