SEC clears CLI’s preferred shares offer

The Securities and Exchange Commission (SEC) has cleared the planned public offering of up to P5 billion worth of preferred shares by Cebu Landmasters Inc. (CLI).

The commission en banc resolved to render effective the registration statement of CLI covering up to three million series A preferred shares, with an oversubscription option of up to two million preferred shares, subject to the company’s compliance with certain remaining requirements.

The shares are priced at P1,000 apiece.

Proceeds will be used by the company for project development or capital expenditures for various real estate projects and for general corporate purposes.

Based on CLI’s latest timetable submitted to the SEC, the perpetual, cumulative, nonvoting, non-participating, nonconvertible, and redeemable peso-denominated series A preferred shares will be issued from March 19 to April 2, and subsequently listed and traded on the main board of the Philippine Stock Exchange.

CLI has tapped BPI Capital Corp., China Bank Capital Corp., PNB Capital and Investment Corp. and RCBC Capital Corp. as joint lead underwriters.

The company earlier received approval for the amendments to its articles of incorporation, which include the creation of a new class of preferred shares through the reclassification of one billion common shares with a par value of P1 per share to one billion series A preferred shares.

CLI, a property developer focused in the Visayas and Mindanao regions, has a diversified product portfolio of residential, office, hotel retail and estates.

CLI also provides housing needs to the high-end, middle, economic and socialized housing segment.