MANILA, Philippines — Real estate firm Cebu Landmasters Inc. (CLI) has raised more than P4.28 billion through its recent follow-on offering of preferred shares.
In a press release, the developer in VisMin said that it had formally listed its Series A-1 and Series A-2 Preferred shares on April 12, 2024.
CLI said that the preferred shares provide dividend rates of 7.585% per year for the four-year Series A-1 and 8.25% per year for the seven-year Series A-2.
The proceeds, according to the firm, will help expand its "ongoing project developments".
"Our engagement with the capital markets has been instrumental in fueling our growth trajectory. From our IPO for common shares in 2017 to a maiden bond offering in 2022, and now this initial issuance of preferred shares, we have strategically diversified our capital-raising efforts," CLI Chairman and Chief-Executive-Officer Jose Soberano III was quoted as saying.
The firm recently shared that its total earnings went up by 29% compared to last year, reaching PHP 4.64 billion. Its shareholders also saw their earnings increase by 13% to P3.58 billion from P3.17 billion in 2023.
CLI attributed this growth was mainly due to a 20% increase in total revenue to P18.8 billion, driven by sales from real estate, hotel operations and leasing. — Ian Laqui