Soberano dismisses IPO reports
Report cites unnamed bank sources as saying Cebu-based developer preparing to raise P4B
FOLLOWING news reports circulating about Cebu Landmasters’ plans for an initial public offering (IPO), chief executive officer Jose Soberano III was quick to dismiss that there was no truth to it.
While the executive expressed delight in the possibility of conducting an IPO, Soberano maintained that there have been no definite plans to pursue the bold move.
“They (investment banks) have come to us. I have to admit that, but there has been no definite (plans). But it’s nice to know for a developer, who’s homegrown in Cebu, that there is an interest coming from financial institutions. That means they have confidence in us to go into IPO,” Soberano said when interviewed at the sidelines of the groundbreaking of its newest condominium project, Casa Mira Towers in Labangon, Cebu Cty yesterday. “When it comes, it comes,” he added. Last Wednesday, The Manila Standard quoted unidentified bank sources as saying Cebu Landmasters plans to conduct an IPO to raise between P3 billion and P4 billion in fresh capital.
The homegrown developer, the report added, has tapped BDO Capital and Investments Corp., the investment banking unit of BDO Unibank Inc., as financial adviser and underwriter for the maiden share sale.
If this will push through, Cebu Landmasters will be the next Cebuano company to be listed in the local bourse after Metro Retail Stores Group Inc. (MRSGI) listed last year.
In another development, Soberano disclosed that his company will be build- ing more Casa Mira developments across various locations in Cebu and in the Visayas and Mindanao.
Casa Mira Towers in Labangon sits on a 3,681-square-meter property, where the AB Soberano International Corp., a home decor and fashion accessory business, and Cebu Landmasters used to operate. It will have two towers with 686 condominium units in total.
To date, there have been ongoing horizontal Casa Mira projects in Linao, Talisay City and in the City of Naga. More of these will be added in the next years in Dumaguete, Iloilo, Bacolod, and Davao.
After its launch back in November 2015, Soberano said Casa Mira Towers one is already 90 percent sold.
The project is slated for completion in the last quarter of 2018.