Cebu Landmasters shelf offering gets SEC’s OK

THE Securities and Exchange Commission (SEC) has approved the P15-billion debt securities program of Cebu Landmasters, Inc.

Cebu Landmasters looks to raise P8 billion from the initial tranche of its shelf offering with series A bonds due 2026, series B bonds due 2028 and series C due 2029.

As earlier approved by the board of directors of the company, the program will cover a principal amount of up to P5 billion and an oversubscription option of up to P3 billion.

“The company could net up to P7.9 billion from the offer, which will be used for project development or capital expenditures for various real estate projects and for general corporate purposes,” the commission said.

The first tranche will be offered at a face value from Sept. 26 to 30 and will be listed on the Philippine Dealing & Exchange Corp. by Oct. 7.

Cebu Landmasters engaged BPI Capital Corp. and China Bank Capital Corp. as joint issue managers, joint lead underwriters, and joint bookrunners for the offer.

Meanwhile, the company tapped PNB Capital and Investment Corp., RCBC Capital Corp., and SB Capital Investment Corp. as co-lead underwriters.

In the second quarter, attributable net income of the company increased to P734.86 million, higher by 22.5% from the recorded P604.1 million in the same period last year.

The company’s topline grew by 39.1% to P3.87 billion in the three months ended in June, from P2.78 million last year.

Sales from its real estate segments contributed the most with P3.83 billion, followed by rental income with P17.81 million, hotel operations with P16.18 million and management fees with P12.46 million.

Year to date, the company’s net income rose by 17.6% to P1.55 billion and its revenues climbed by 45.1% to P7.46 billion.

Cebu Landmasters is a residential developer in the Visayas-Mindanao region. In the first half, it launched seven real estate sale projects worth P7.4 billion.

On the stock exchange on Tuesday, shares of Cebu Landmasters slipped by 2 centavos or 0.81% to P2.46 apiece. — Justine Irish D. Tabile