8990 Holdings lists P5B preferred shares

LISTED real estate developer 8990 Holdings Inc. listed on Friday its P5billion series A perpetual preferred shares on the Philippine Stock Exchange.

The offer period began on Noour country today, it is not going vember 17 and ended on Novemto work to make houses in Metro ber 23. Proceeds from the share Manila more expensive,” 8990 issue will be used to fund the Chairman Mariano Martinez said company’s mass housing projects nationwide. “We are hoping we can go back

“If we are serious about adto the old P3.19- million [ per dressing the (housing) backlog in housing unit] nationwide or at the very least P2-million limit nationwide as well,” Martinez said.

Martinez said 8990 will offer more preferred shares if needed.

“We actually have an approval for a shelf registration of P10 billion” worth of shares or bonds, Martinez said.

“If we need to get some more, whether in the form of preferred shares or bonds... we will do that,” he added.

Meanwhile, 8990 is looking at according to Martinez.

“One in Iloilo and one is in Cebu and two more in Davao and we have a very big project in Ortigas Extension. Megawide will be our contractor,” he said.

Willie Uy said they are looking forward to more roads being built by the government under its Build, Build, Build program, to give way to the construction of more real estate projects.

“We need the roads. We can

8990’s biggest markets are Metro Manila, Metro Cebu and Metro Davao, according to Uy.