ARTHALAND CORP. said its board of directors has approved its plan to issue P6-billion ASEAN green bonds, or bonds that will finance green projects.
In a disclosure to the stock exchange Monday, the niche property developer said it was given the go ahead by its board of directors to file an application with the Securities and Exchange Commission (SEC) to issue the fixed-rate peso-denominated bonds.
The bond issuance will be filed with the SEC under shelf registration and will be issued in one or more tranches within a three-year period after getting its Registration Statement.
Further details, including where the proceeds from the bonds would be used, were not provided by the company.
The SEC said last year it is adopting the ASEAN Green Bonds standards, which require that the bonds will be “exclusively applied to finance or refinance, in part or in full, new and/or existing eligible green projects.”
The SEC classifies eligible green projects as those that include renewable energy, energy efficiency, pollution prevention and control, environmentally sustainable management of living natural resources and land use, clean transportation, climate change adaptation and green buildings.
Arthaland has been involved in previous projects that aim to follow “green” standards, such as its Savya Financial Center in Taguig City, which it launched earlier this year.
The building currently being developed has been registered for dual certification in the US Green Building Council’s Leadership in Energy and Environmental Design and the Philippine Green Building Council’s Building for Ecologically Responsive Design Excellence.
In a separate disclosure, the company said its board of directors has confirmed and ratified the execution of definitive agreements between Help Holdings, Inc. (HHI) and its wholly owned subsidiary Savya Land Development Corp.
Savya is eyed to be the surviving entity in the company’s planned merger with Arcosouth Development, Inc. HHI is the majority shareholder of Arcosouth.
“Savya and Arcosouth have opted to undertake a merger for the purpose of consolidating the ownership of their properties in Arca South, FTI Compound, Barangay Western Bicutan, Taguig City, in one investment vehicle entity (Savya) and then jointly developing and undertaking the construction of two office condominium buildings thereon…,” it said. — Denise A. Valdez