Boutique property developer Arthaland Corp. plans to conduct a P3-billion preferred shares offering in October 2024.
Based on the registration statement posted on its website, Arthaland will sell up to 4 million Series F preferred shares with an oversubscription option for another 2 million preferred shares at P500 each.
The dividend rate for the preferred shares will be set on Sept. 24, 2024, while the offer period will run from Sept. 30, 2024 to Oct. 4, 2024, subject to approval by corporate regulators.
The preferred shares will be listed on the main board of the Philippine Stock Exchange on Oct. 11, 2024, based on the tentative schedule.
The company said it would use the net proceeds from the fund-raising activity to repay debt, finance development of upcoming projects and general corporate purposes.
The property developer hired BDO Capital and Investments Corp. as the sole issue manager, lead underwriter and book runner for the transaction.
Arthaland said it allotted P1.4 billion to repay debt with BDO Unibank Inc. It will also spend P1.14 billion to fund the investment for a residential project in Metro Manila.
Arthaland said it is acquiring a 3,700-square-meters residential lot in northern Metro Manila. The project is envisioned to be sustainable two-tower, high-rise residential development. The first tower is targeted for launch in the second quarter 2025.
It is also negotiating for the acquisition of a five-hectare property in a prime city center in southern Philippines via a joint venture partnership.
The property firm is also actively evaluating acquisition targets in the business districts of Makati, Bonifacio Global City and other emerging cities. ‘
The company earlier said it was focusing more on residential projects instead of office projects as it monitors the impact of remote work on office space demand.
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