Cebu Landmasters, Inc. (CLI) announced today it has received a pre-effective letter from the Securities and Exchange Commission (SEC), dated February 28, 2024, approving its registration statement for the issuance of Series “A” Preferred Shares.
This pivotal development marks a significant step for CLI as it aims to expand its capital through a follow-on public offering.
The SEC’s Market and Securities Regulation Department has favorably considered CLI’s proposal to register perpetual, cumulative, non-voting, non-participating, non-convertible, and redeemable Philippine Peso-denominated Series “A” Preferred Shares.
The company has outlined a firm offer of up to three million (3,000,000) Series “A” Preferred Shares, with an additional oversubscription option of up to two million (2,000,000) Series “A” Preferred Shares, under certain conditions that the company must fully comply with.
This move is part of CLI’s strategic initiatives to bolster its financial position and support its continuous growth and development projects across the Visayas and Mindanao regions.
The offering of Series “A” Preferred Shares represents an opportunity for investors to partake in the company’s journey towards further expansion and success.
CLI is committed to meeting the SEC’s conditions for the follow-on public offering and looks forward to the successful issuance and listing of the shares on the Philippine Stock Exchange, Inc. and the Philippine Dealing & Exchange Corp.
This initiative underscores CLI’s dedication to transparency and governance, ensuring the company’s alignment with the best interests of its shareholders and the investing public.
The announcement is expected to generate positive responses from investors and market watchers, as CLI continues to demonstrate strong performance and growth potential in the Philippine real estate market. – CebuLifestyleChannel.ph