The Securities and Exchange Commission on Thursday approved the public sale of Cebu Landmasters Inc. preferred shares seen generating up to P5 billion.
The sale allows an oversubscription option of up to 2 million preferred shares priced at P1,000 a share.
The Cebu-based company could net up to P4.96 billion earmarked for the development of various real estate projects and for general corporate purposes.
The perpetual, cumulative, non-voting, non-participating, non-convertible and redeemable peso-denominated shares will be issued from March 19 to April 2 and traded on the main board of the Philippine Stock Exchange.
BPI Capital Corp., China Bank Capital Corp., PNB Capital and Investment Corp. and RCBC Capital Corp. have been designateda joint lead underwriters.
Jose R. Soberano III, company chairman, president and CEO, said this year’s capex should prove larger than last year’s P13 billion.
Soberano said the company has until March next year to deploy the balance of P10 billion from its P15-billion shelf registration of bonds.
