Share price of Cebu Landmasters Inc. rose 3.2 percent in its debut at the Philippine Stock Exchange, as the company plans to aggressively acquire properties in Visayas and Mindanao to support expansion plans.
Cebu Landmasters chairman Jose Soberano III in an interview following the listing ceremony the company planned to double its current land bank of 60 hectares using proceeds from the initial public offering.
“We are finalizing the acquisition of more land to double our landbank. These properties are located in Bacolod, Dumaguete, Iloilo, Cagayan de Oro, Davao and Cebu,” Soberano said.
The company also plans to increase over the next five years the share of the recurring business to total revenues to 20 percent from the current five percent.