Cebu Landmasters gets shareholders’ nod for P5-B preferred shares offering

CEBU Landmasters, Inc. (CLI) shareholders have approved the planned P5-billion preferred shares offering, the listed property developer announced on Wednesday.

The shareholders approved the offer during a meeting on Feb. 14, the company said in a disclosure to the stock exchange.

The offer consists of up to three million Series A preferred shares with an oversubscription option of up to two million Series A preferred shares at P1,000 each.

In January, CLI said that the net proceeds of the offer would be utilized to partially finance project development and capital expenditures, as well as for general corporate purposes.

“The offer shares which are redeemable starting on the 4th anniversary of the issue date, or on any dividend payment date thereafter, will be denominated as Series A-1 preferred shares, while those which are redeemable starting on the 7th anniversary of the issue date, or on any Dividend payment date thereafter, will be denominated as Series A-2 preferred shares,” the company said.

CLI is aiming to launch its first Luzon project by the second half. The first project will feature 2,000 homes spanning 25 hectares.

The property developer recently expanded its hospitality portfolio with the opening of lyf Cebu City hotel on Jan. 16. The newly opened hotel is the company’s third operational hotel.

CLI’s lyf Cebu City hotel offers 159 rooms with various sizes, including studio queen, studio twin, two-bedroom, and four-bedroom units.

For the first nine months, CLI recorded a 9% jump in its attributable net income to P2.4 billion from P2.2 billion, led by higher revenues across business segments.

CLI’s portfolio consists of residences, offices, hotels and resorts, mixed-use developments, and townships.

On Wednesday, CLI shares fell two centavos or 0.76% to P2.62 apiece. — Revin Mikhael D. Ochave