A top homegrown developer in Metro Cebu, Cebu Landmasters plans to use the proceeds for business expansion in key cities in Visayas and Mindanao, like Davao, Cagayan de Oro, Dumaguete, Bacolod, Iloilo, and new Cebu locations.
Part of the funds will be used for working capital requirements including debt repayment.
Launched in 2003, Cebu Landmasters is engaged in the development of residential, commercial, hospitality, mixed-use and civic projects.
In its prospectus filed to the Securities and Exchange Commission, Cebu Landmasters intends to offer its maiden share sale of 580 million common shares priced at P6.56 apiece.
This currrently represents up to 34 per cent of the firm’s outstanding common shares.
The company’s 430 million shares are new shares forming the primary tranche, while 75 million shares from existing shareholders form the secondary tranche.
BDO Capital will be the sole issue manager, while joint lead underwriters and joint bookrunners are BDO Capital and BPI Capital.
Cebu Landmasters recently disclosed its plans to invest up to P12 billion this year in the Visayas and Mindanao regions. It claims to have the second highest market share of residential condominium units in Cebu City.