Real estate developer Sta. Lucia Land Inc. is raising P7.5 billion in the form of loans from four banks while planning to enter into six joint ventures for the development of property amounting to almost 100 hectares.
In a disclosure to the Philippine Stock Exchange (PSE), the firm said its board of directors has approved the securing of a P3 billion loan from Rizal Commercial Banking Corporation.
It also approved resolutions for secured loans amounting to P3 billion from China Banking Corporation; P1 billion from Philippine National Bank acting through its Trust Banking Group; and P500 million from CTBC Bank (Philippines) Corporation.
The Sta. Lucia board also authorized the company to enter into joint ventures involving the development of projects located in Batangas with a total area of 244,914 sq.m.; Rizal with a total area of 58,230 sq.m.; Laguna with a total area of 34,505 sq.m.; Pampanga with an area of 12,857 sq.m.; Cavite with an area of 80,000 sq.m.; and Iloilo with an area of 500,000 sq.m.
The firm also secured board approval for the registration of its Nasugbu Newtown Center Batangas and Eagle Ridge Commercial Town Center General Trias, Cavite projects with the Philippine Economic Zone Authority.
Sta. Lucia was also given the green light to distribute its unrestricted retained earnings amounting to P331.86 million in the form of cash dividends to its stockholders of record as of Nov. 18, 2024.
This is equivalent to P0.04 per share and the distribution of the cash dividends will not be later than Dec. 20, 2024.