Cebu Landmasters: IPO funds 'fully used'
MANILA, Philippines — Cebu Landmasters Inc. on Wednesday said it has fully spent the funds raised from the sale of shares and has built up its landbank to 976,302 sqm, barely a year after its initial public offering.
In a disclosure to the stock exchange, the property developer said around 70 percent of the funds were used in acquiring land in “strategic areas” where it is now aggressively building up new projects.
"We have developed 420,573 sqm. of our landbank after IPO. We now have 52 projects in various developments and we’ve already expanded to eight key cities in VisMin,” said Jose Soberano III, CLI president and chief executive officer.
CLI was listed in the Philippine Stock Exchange on June 2, 2017, after generating P2.15 billion fresh capital from investors. It sold 430 million shares at P5 each.
On Wednesday, shares in CLI were up 7 centavos or 1.60 percent to close at P4.45 apiece. — Ian Nicolas Cigaral