CLI lists ₱4.28-B preferred shares
Vismin developer Cebu Landmasters Inc. (CLI) has raised ₱4.28 billion from its followon offering of preferred shares including the exercise of the oversubscription option to meet demand.
The company formally listed its Series A-1 and Series A-2 Preferred shares on April 12, 2024, after a listing ceremony at the Philippine Stock Exchange (PSE).
The preferred shares offer dividend rates of 7.585 percent p.a. for the 4-year Series A-1 and 8.25 percent p.a. for the 7-year Series A-2. These proceeds will be used to support CLI'S strategic expansion initiatives and ongoing project developments.
“The success is a strong indicator of the growing market trust and confidence in the company’s proven track record of generating returns through its business,” said CLI Chief Finance Officer Grant Cheng.
He noted that, “We have exceeded our fundraising targets through this follow-on offering, and now we are making strategic decisions on how to allocate these fresh funds that will fuel CLI’S strong expansion plans and several exciting projects.”
CLI Chairman and CEO Jose Soberano III said “Our engagement with the capital markets has been instrumental in fueling our growth trajectory. From our IPO for common shares in 2017 to a maiden bond offering in 2022, and now this initial issuance of preferred shares, we have strategically diversified our capitalraising efforts.”
BPI Capital Corporation and China Bank served as joint issue managers while PNB Capital and RCBC Capital were the joint lead underwriters and joint bookrunners.
CLI recently disclosed a 29 percent increase in consolidated net income year-on-year to ₱4.64 billion. This growth was primarily driven by a robust 20 percent uptick in consolidated revenue to ₱18.8 billion, fueled by real estate sales revenues, hotel operations, and leasing income.
The firm has also unveiled its inaugural international collaboration with Japan-based real estate firm NTT UD Asia Pte. Ltd for the development of a 2-tower high-end residential project in Cebu City. (James A. Loyola)