CLI P5B share sale okayed

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The Securities and Exchange Commission (SEC) has approved Cebu Landmasters Inc.’s plan to raise P5 billion through the sale of preferred shares.

Cebu Landmasters plans to offer to the public 5 million series A preferred shares, divided into a 3- million firm offer and another 2 million for the oversubscription option, at an offer price of up to P1,000 per share.

“The listed company could net up to P4.96 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 SEC said.

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Cebu Landmasters eyes the share sale between March 19 and April 2.

Cebu Landmasters tapped BPI Capital Corp., China Bank Capital Corp., PNB Capital and Investment Corp. and RCBC Capital Corp. as joint lead underwriters for the sale.

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