ArthaLand starts P3-B share offer
Updated November 24, 2016 – 12:00am
http://www.philstar.com/
MANILA, Philippines – ArthaLand Corp., a listed boutique property developer owned by the Po family, commenced yesterday its preferred share offering.
ArthaLand has set a dividend yield of 7.0458 percent per annum for the offer, which is redeemable in five years.
Preferred shares are cumulative, non-voting, non-participating, non-convertible and peso-denominated.
The remaining 10 million Series B preferred shares are under the Securities and Exchange Commission’s shelf-registration. These shares will be issued at the same price.
Proceeds from the offer would be used to finance the development of the Cebu Exchange project (P53.6 million), Biñan Laguna project (P458.8 million), Makati Residential project (P371.6 million) and South of Metro Manila project (P822.4 million).
According to documents filed with the SEC, Arthaland expects the gross floor area of its residential and office projects to grow to 520,000 square meters by 2022 from the existing 110,000 sqm.
Of the 520,000 sqm, about 50 percent would be in the office segment while the balance would be in the upper middle to high end residential segment.
The Cebu Exchange project is a commercial development located within the Cebu IT Park in Lahug, Cebu City.
For the Biñan Laguna Project, ArthaLand subsidiary Cazneau will develop a first campus-type residential community featuring a mix of low rise residential and retail buildings as well as town homes which will cater primarily to the student, faculty and other employees of the academic immunity in the area.
The Makati project, on the other hand, will be a high-rise residential condominium, which will cater to the middle to upper segments of the market.
