Filinvest Land Inc., a member of the Gotianun Group, reported that the Securities and Exchange Commission (SEC) has approved the shelf registration of its P35-billion Peso-Denominated Fixed-Rate Bonds.
In a disclosure to the Philippine Stock Exchange (PSE), FLI said the SEC has also approved its planned offering of bonds worth P10 billion for the first tranche with an over-subscription option of up to P2 billion.
The Peso-Denominated Fixed Rate Bonds will have a maturity period of 3.5 years, with interest rate of 6.9829 percent per annum.
FLI has mandated BDO Capital and Investment Corporation, BPI Capital Corporation, China Bank Capital Corporation, East West Banking Corporation, First Metro Investment Corporation, PNB Capital and Investment Corporation, RCBC Capital Corporation and SB Capital Investment Corporation to manage this public offer and issuance as the Joint Lead Underwriters and Bookrunners.
Meanwhile, Rizal Commercial Banking Corporation – Trust and Investment Group shall serve as the Trustee.
FLI recently reported a 22 percent improvement in attributable net income to P2.44 billion for the first nine months of 2023 on the back of growth in its residential and mall businesses.
The firm said its third quarter net income amounted to P1.05 billion, 63 percent higher than second quarter and 32 percent higher than the same quarter last year.
Total consolidated revenues and other income increased by 11 percent year-on-year from P14.19 billion in 2022 to P15.72 billion in 2023 as the property developer’s residential and mall business segments posted healthy growth.
Total consolidated revenues and other income for the third quarter rose 11 percent compared to the second quarter and 15 percent compared to the third quarter last year.
"We are very happy to report that Filinvest Land continued to achieve growth in its residential and retail mall business segments," said FLI President and CEO Tristan Las Marias.
He added that, “our strong and consistent residential performance was made possible by the continuing demand for value-for-money homes. We are also very pleased that the retail mall business continued to grow.”