Arthaland lists P2 billion worth of preferred shares
CEBU, Philippines - Property developer Arthaland Corp. yesterday listed P2 billion worth of preferred shares in its follow-on offering to fund its expansion particularly its business process outsourcing (BPO) building project in Cebu.
Shares of Arthaland were at P0.34 apiece in morning trading yesterday.
According to its earlier registration statement filed with the Securities and Exchange Commission, proceeds from the share sale would be used to finance the development of its four new projects to include the Cebu Exchange Project (P53.6 million).
The company was targeting to issue P3 billion worth of shares, with an initial tranche of up to P2 billion to include an overallotment option.
The Cebu Exchange is a commercial development located within the Cebu IT Park area in Barangay, Lahug, Cebu City.
In 2015, Arthaland subsidiary Cebu Lavana Land Corp. acquired the land along Salinas Drive which will be the project's site.
Construction is expected to start in the second quarter of 2017.
The 38-storey Cebu Exchange, to be built in more than 8,000-square meter property, is deemed to be the largest and tallest BPO building at the Cebu IT Park area. (FREEMAN)
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