Sta. Lucia Land files 3-billion shares offering
LISTED property developer Sta. Lucia Land, Inc. (SLI) filed a registration statement with the Securities and Exchange Commission (SEC) on Friday for a follow-on offering, the company disclosed on Monday.
“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 to be priced at P2.38 to P3.29 apiece at most, with an over-allotment option of 500 million common shares.
Should the over-allotment option be exercised, the company’s total outstanding shares may increase up to 11,196,450,000. The offer shares will make up 26.79% of Sta. Lucia Land’s outstanding capital stock.
If offer shares are priced at P3.29 apiece, the company can net up to P9.87 billion.
Sta. Lucia Land said it aims to use net proceeds from the offer to partially fund capital expenditures for new and ongoing projects, “strategic” landbanking activities, to refinance short-term debts, 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.
Sta. Lucia Land assigned China Bank Capital Corp. as the sole issue manager, lead underwriter, and sole bookrunner for the transaction.
On Monday, its shares at the stock exchange went up by 2.35% or seven centavos to close at P3.05 each. — Keren Concepcion G. Valmonte