Philippine-based real state developer files 3-billion shares offering

Sta. Lucia Land, Inc.

Sta. Lucia Land, Inc. (SLI), a listed property developer based in the Philippines, filed a registration statement with the Securities and Exchange Commission (SEC) on Friday for a follow-on offering, the company announced.

“Up to 3,000,000,000 new shares are being issued by the company from its authorized and unissued capital stock by way of a primary offer,” Sta. Lucia Land said in its registration statement.

The follow-on offer consists of 2.5 billion common shares priced at P2.38 to P3.29 per share, with a 500 million common share over-allotment option.

If the over-allotment option is exercised, the company’s total number of outstanding shares could rise to 11,196,450,000. The offer shares will account for 26.79 percent of Sta. Lucia Land’s outstanding capital stock.

If the offer shares are priced at P3.29 per share, the company could earn up to P9.87 billion.

Sta. Lucia Land stated that the net proceeds of the offer will be used to partially fund capital expenditures for new and ongoing projects, “strategic” landbanking activities, short-term debt refinancing, and other corporate purposes.

The company plans to allocate some of the proceeds for its projects in Central Visayas, Western Visayas, Calabarzon, Davao Region, Soccsksargen, Mimaropa, Cordillera Administrative Region, and in the National Capital Region.

It also named Calabarzon, Western Visayas, Central Luzon, and the Davao Region as target areas for its landbanking activities.

“The company’s strategy for development is to focus on provincial areas that are largely ignored and underserved by its bigger competitors whose project have, until recently, been concentrated in Metro Manila which is already congested and near saturation,” Sta. Lucia Land said.

The company said it is currently present in 11 regions in the Philippines.


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