SEC okays developer’s bid to hike capital to P10B

·1 min read

PROPERTY developer Cebu Landmasters Inc. (CLI) said the Securities and Exchange Commission (SEC) has approved its move to increase its authorized capital stock to P10.1 billion from the current P2.5 billion to support its expansion plans.

In a disclosure Monday, May 24, 2021, the company said it received SEC’s approval on May 21.

As approved by the company’s board of directors in November 2020, the new authorized capital stock will consist of 10 billion common shares with a par value of P1 and one billion voting preferred shares with a par value of P0.10.

The company said the recently declared stock dividends will be sourced from the increase in authorized capital stock.

Based on the latest outstanding shares tally, the amount to be distributed as stock dividend is 1,909,452,000.

The board had approved a stock dividend of 122 percent on the outstanding capital stock, or a total of 1,900,000,000 common shares.

The proposal to distribute 1,912,649,508 new common shares as stock dividends was approved in a special stockholders’ meeting on Feb. 26, 2021.

CLI earlier said its reservation sales increased by 17 percent year-on-year to P3.3 billion in the first quarter of 2021, due to sales from its mid-market Garden Series developments.

In a statement on May 21, the company said it expected its growth momentum to accelerate further as more projects are launched.

Its second horizontal project in Cagayan de Oro City, Velmiro Heights CDO, was reportedly 75 percent sold just a month after it was introduced to the market. The project is expected to earn P1.78 billion. (MVI)

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