Property developer Cebu Landmasters Inc. (CLI) said Wednesday it obtained shareholders’ approval for the planned P5-billion preferred shares offering.
CLI said in a disclosure to the stock exchange its shareholders approved during a recent meeting the company’s planned offering of up to 3 million Series “A” preferred shares, with an oversubscription option for another 2 million preferred shares.
The preferred shares will be issued at P1,000 each.
Shareholders also authorized the company’s board of directors to finalize the other terms of the offering.
The offer shares are redeemable starting on the fourth anniversary of the issue date.
CLI filed a registration statement for the planned offering with the Securities and Exchange Commission.
It plans to use the proceeds from the transaction to fund corporate requirements.
CLI provides housing needs to the high-end, middle, economic and socialized housing segments. As of Dec. 31, 2023, it had nearly 100 projects in various stages of construction.
The projects are located in different areas of Cebu, Bohol, Misamis Oriental, Negros Oriental, Negros Occidental and Davao.
From a single residential project in 2003, the company has diversified its product portfolio to residential, office, hotel, retail and estates.
CLI recorded a 9-percent increase in net income to P2.4 billion in the first three quarters of 2023 from P2.2 billion a year ago on the back of higher revenues across its business segments.
Gross income also increased 18 percent to P12.93 billion from P10.96 billion a year earlier.