Cebu Landmasters ink P8 billion loan deal

MANILA, Philippines — Cebu Landmasters Inc. (CLI) has signed an P8 billion corporate notes facility agreement to  fund its steady expansion.

Part of the funds will be used for the development of a 22-hectare central business district hub in Matina, Davao, CLI said in a disclosure yesterday.

The company is also expanding in several strategic areas such as  Puerto Princesa in Palawan, Leyte, Butuan and General Santos and in cities where it already has operations. These are Cebu, Bohol, Bacolod, Cagayan de Oro and Davao.

The issue consists of five-year corporate notes amounting to P1.3 billion, seven-year corporate notes amounting to P5.7 billion and  10-year corporate notes amounting to P1 billion.

It was jointly arranged by BPI Capital Corp. and China Banking Corp.

In the nine months to September, CLI’s net income attributable to parent grew 77 percent to P1.65 million from P932.7 million a year ago, driven by higher  revenue from projects.  Revenue rose to P5.9 billion.

 During the nine month period, CLI has already launched P14 billion worth of projects in key cities in Visayas including mixed-use complexes that integrate residential, office and commercial uses.

Because of its strong financial performance, CLI announced a cash dividend of 25 centavos per share to its shareholders. 

“We look forward to providing more sustainable value to our shareholders for many years to come,” CLI president and chief executive officer Jose Soberano said.

Shareholders on record as of April 3 will be entitled to the dividends and will be paid on April 30.  This is an improvement from previous years’ 15 centavos and 20 centavos per share in 2017 and 2018, respectively.