Property developer Ovialand Inc. said Tuesday it obtained a P600-million loan facility from Security Bank Corp.
Ovialand said in a statement it would use the proceeds from the fund raising activity to pursue expansion plans which include developing new horizontal residential projects and increasing the size of its land bank.
SB Capital Investment Corp., the wholly-owned investment banking unit of Security Bank, arranged the loan facility that was fully taken up by Security Bank.
“We are pleased to partner with SB Capital and Security Bank as we attempt to achieve new milestones in our history. Ovialand is enjoying a stellar performance in 2022 despite current economic headwinds, and this financing package from Security Bank will enable the company to be more aggressive in realizing its growth potential,” said Ovialand president and chief executive Pammy Olivares-Vital.
Ovialand, one of the leading residential developers in the premium affordable housing market in South Luzon, earlier planned to raise P1.5 billion from an initial public offering this year. Jenniffer B. Austria