Cebu Landmasters Inc., a listed property developer whose home market is the Visayas and Mindanao, said Thursday it is seeking regulatory approval for a plan to raise as much as P5 billion through the sale of series A preferred shares.
The follow-on offering will initially cover 3 million shares to be sold at price of P1,000 each. An additional 2 million preferred shares was set aside to cover possible oversubscription. The preferred shares may be offered in two subseries— series A1 and series A2.
Other details of the follow-on offer, including offer period and use of proceeds, aren’t immediately available.
Cebu Landmasters opened this week the 159-room lyf Cebu City, the third hotel in its hospitality portfolio that includes the 258-room The Pad Co-Living that was opened in December and the 180-room Citadines Cebu City which started operation in 2019. Also set to open this year is the 200-room Citadines Bacolod City and the 144-room Radisson Red.
Aside from hotels, the company also owns residential developments, office buildings and mixed-use projects in 16 key cities in Visayas and Mindanao.
The listed property developer reported a 28 percent increase in its January-September net income to P3 billion on a 19 percent rise in gross revenues to P13.27 billion.
