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Manila Bulletin devider Business devider The Stock Market devider Cebu Landmasters plan P5-B follow-on offering

Cebu Landmasters plan P5-B follow-on offering

Published Jan 21, 2024 04:27 pm

VisMin developer Cebu Landmasters Inc. (CLI) is  planning to raise up to P5 billion from the proposed issuance of Series “A” preferred shares that will be listed at the Philippine Stock Exchange (PSE).

The firm disclosed to the PSE that it has filed with the Securities and Exchange Commission (SEC) a Registration Statement together with a Preliminary Prospectus and relevant documents, in support of its follow-on offering of up to three million Series “A” Preferred Shares with an oversubscription option of up to two million Series “A” Preferred Shares at an offer price of P1,000 per share. 

The Offer Shares will be issued from the unissued Series “A” Preferred Shares forming part of the authorized capital stock of CLI and will be offered in up to two subseries, namely, Series A-1 Preferred Shares and Series A-2 Preferred Shares.

According to its preliminary prospectus, the yield for the Series A-1 preferred shares will be based on the four-year BVAL (Bloomberg Valuation Service) and the series A-2 will be on the seven-year BVAL.

“The net proceeds of the offer shall be used to partially finance project development or capital expenditures of the Issuer’s various projects; and for general corporate purposes,” the company said. 

Assuming the it raised the full P5 billion, CLI said it will spend some 85 percent of the proceeds for its project development and capital expenditures. 

These projects include Casa Mira Homes Butuan, Mirani Steps Danao in Cebu, Velmiro Heights Consolacion also in Cebu, Casa Mira Towers Palawan Expansion, Casa Mira Homes Davao and Velmiro Heights Davao. All of these projects are estimated to be completed between 2028 and 2029.

CLI has tapped BPI Capital Corporation and China Bank Capital Corporation the be the joint issue managers, joint lead underwriters and joint bookrunners for the offer. 

On the other hand, BPI Capital, Chinabank Capital, PNB Capital and Investment Corporation and RCBC Capital Corporation have been named as joint underwriters and joint bookrunners for the offer. 
 

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