SEC OKs CLI’s preferred shares

MANILA, Philippines — Cebu Landmasters Inc., has received the greenlight from corporate regulators to amend its articles of incorporation.

This formally approves the developer’s application to create a new class of preferred shares through the reclassification of one billion unissued common shares with a par value of P1 per share to one billion Series “A” preferred shares with a par value of P1 apiece.

“The SEC applications are in line with the approval of the board of directors during the special meeting held in April last year and approval of the stockholders during the annual stockholders’ meeting held in June on the proposed amendments,” CLI said.

The amendments include creation of the new class of preferred shares.

The Series “A” preferred shares, which shall be redeemable, cumulative, and non-voting, among other terms and features, shall be offered for private and/or public offering, subject to the securing of the necessary approvals from the government regulators.

The move would allow CLI to continue growing after already delivering robust growth in its consolidated net income during the nine-month period. The company posted a net income of P2.4 billion during the period, up nine percent year on year as sales grew by 25 percent to P17 billion.

Moving forward, CLI also earlier entered into a partnership with NTTUDA, a major Japanese developer known globally for commercial properties, including office buildings, residences, and mixed-use developments, marking CLI’s first foreign joint venture partnership.

The company is also finalizing plans for its first expansion in Luzon, specifically in Naga.