The Securities and Exchange Commission (SEC) approved the P5-billion preferred shares offering of property developer Cebu Landmasters Inc. (CLI).
The SEC said in a statement Thursday it approved CLI’s registration of up to 3 million series A preferred shares, with an oversubscription option for another 2 million preferred shares, priced at P1,000 apiece, subject to the company’s compliance with certain remaining requirements.
Net proceeds from the fund-raising activity will be used for project development or capital expenditures for various real estate projects and for general corporate purposes.
The perpetual, cumulative, non-voting, non-participating, non-convertible and redeemable Philippine peso-denominated Series “A” preferred shares will be offered to the public from March 19 to April 2, and will be listed and traded on the main board of the Philippine Stock Exchange, according to the latest timetable submitted to the SEC.
CLI hired BPI Capital Corp., China Bank Capital Corp., PNB Capital and Investment Corp. and RCBC Capital Corp. as joint lead underwriters for the offer.
