CLI eyeing to complete acquisitions and payables

CEBU, Philippines - Following its successful IPO (Initial Public Offering), Cebu Landmasters Inc., (CLI) targets to complete its acquisition and clean its payable responsibilities within this year.

In an interview with CLI president Jose R. Soberano III, he said as soon as the company will be able to complete the payments of all the properties it acquired for its aggressive expansion, it is going to take another tranche of property buying mission as it looks at the entire country as its expansion pad.

The company offered 505 million shares and another 75 million as over-allotment option at P5 per share to bring the total offer size to P2.9 billion. Few days after, the BDO Capital and Investment Corporation, along with BPI Capital Corp reported over-subscription of the offering.

The shares sold include the over-allotment option of 75 million shares, which were on top of the 505 million firm shares. The shares were priced at P5.00 per share, bringing the total offer size to P2.9 billion.

Soberano said the proceeds from the IPO could boost the company's thrust to put and build more developments, immediately after they acquire good property and location.

He added that CLI's strategic direction strictly follows on acquire and develop.

Aside from its expanding portfolio in Cebu, in horizontal and vertical projects, it also continues put its investments in other urban locations in Southern Philippines.

CLI already entered Davao, Cagayan de Oro City, and recently made entry in the real estate landscapes in Dumaguete, Iloilo and Bacolod.

“We will focus our expansions in the VisMin area, especially in these areas where we have set (out) to expand. These are the areas where we see demand for products that we have been successfully offering here in Cebu,” added Soberano.

The company earlier announced that it earmarked a P12 billion capital expenditure for this year. (FREEMAN)