CEBU Landmasters, Inc.’s (CLI) board has approved a public offering of up to three million series A preferred shares, the listed property developer announced on Tuesday.

The company said in a stock exchange disclosure that a special board meeting on Monday approved oversubscription for up to two million series A preferred shares at P1,000 per share.

The board also agreed to “apply for and obtain the registration of the offer shares with the Securities and Exchange Commission, and to apply for and obtain approval from the Philippine Stock Exchange, Inc. for the listing of the offer shares.”

“The offering of preferred shares will enable the company to diversify its funding sources and raise equity capital to support its rapid expansion in the Visayas-Mindanao market,” Juan Paolo E. Colet, managing director at China Bank Capital Corp., said in a Viber message.

Founded in 2003, the company’s portfolio consists of residences, offices, hotels and resorts, mixed-use developments, and townships.

CLI has over 100 real estate projects in various stages of development across 16 cities in Visayas and Mindanao.

The company announced last year that it would commence its first project in Luzon by the middle of 2024, as part of its strategy to “drive the company’s capital, expand its portfolio, and strive for sustainability.”

The preferred share offering suggests the management’s confidence in the company’s growth prospects in 2024, according to Luis A. Limlingan, head of sales at Regina Capital Development Corp.

“The company has been hitting record high reservation sales last year and this not only speaks volumes about its market appeal but also underscores the strong demand for its real estate projects, especially for its economic housing category,” he said in a Viber message. 

CLI’s sales for the first nine months of 2023 climbed by 25% to P17 billion led by its economic brand Casa Mira, which accounted for 52% of total sales.

As of end-September, the company has launched 3,664 units valued at P14.87 billion, it said. 

For the July-September period, the company recorded an attributable net income of P709.11 million, up 9.1% from P649.88 million in 2022, based on its quarterly report.

CLI’s shares at the local bourse climbed by two centavos or 0.78% to close at P2.60 apiece. — Sheldeen Joy Talavera