CEBU Landmasters Inc. (CLI) will be realigning over P3.65 billion raised from a follow-on public offering of Series “A” preferred shares for the company’s planned expansion.
In a filing on Thursday, CLI said its board of directors authorized the move during a September 4 meeting.
“The rationale for the reallocation is to optimize capital deployment by redirecting funds toward strategic land acquisitions, project development expenditures and general corporate expenses,” it said.
The changes include the exclusion of the Casa Mira Homes Butuan, Casa Mira Homes Davao, Mirani Steps Danao and Casa Mira Towers Palawan projects.
“The original allocation of these proceeds was intended for specific projects that have since secured committed financing… or are in the advanced stages of obtaining such financing,” CLI said.
Retained developments, meanwhile, will get lower allocations and give way to land acquisitions, for which CLI has programmed P1.91 billion.
Four other projects will receive funding.
“This reallocation will allow CLI to leverage its financial flexibility to seize high-priority growth opportunities that align with its long term objectives,” the firm said.
CLI shares were unchanged at P2.60 apiece on Thursday.
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