City and Land to be delisted post merger

MANILA, Philippines — City and Land Developers Inc. will be delisted in the Philippine Stock Exchange (PSE) as part of its planned merger with Cityland Development Corp. (CDC).

In a stock exchange filing, City and Land Developers said that upon the completion of the merger, the company will cease to exist as a separate legal entity and its shares will be delisted from the PSE.

City and Land Developers is a real estate company, which listed with the PSE in December 1999, following its initial public offering.

The company is mainly engaged in acquiring and developing land for a variety of uses, including residential, office, commercial, institutional and industrial projects.

It is focused on developing properties under subdivision and condominium formats, catering to the growing demand for urban living and investment opportunities in key areas across Metro Manila.

City and Land Developers is 49.73 percent owned by CDC, while its ultimate parent company is Cityland Inc.

City and Land Developers and CDC have announced a plan to merge, with the latter as the surviving entity, in a move to streamline corporate structure and boost operational efficiency.

Both companies, however, said that the timetable for the implementation of the merger cannot be determined yet as the plan is still subject for corporate and regulatory approvals.

CDC will continue its corporate existence and will absorb all of City and Land Developers assets, liabilities, rights and privileges.

As the surviving corporation, it will also assume all existing obligations of City and Land Developers, ensuring continuity and full protection for creditors and its stakeholders.

One Hidalgo, a 39-story mixed-use condominium in Malate, Manila, is an ongoing project of City and Land Developers.

The project was launched in 2023 and set for completion in 2027.

Its other completed projects are One Taft Residences, North Residences, Manila Residences Bocobo, Grand Emerald Tower and Pacific Regency, all of which are strategically located in Metro Manila.