HOMEGROWN property developer Cebu Landmasters, Inc. (CLI) has declared a regular cash dividend of P0.15 per share payable on April 23, 2018 to shareholders of record as of March 23.
In a disclosure, Cebu Landmasters said its board of directors approved the declaration of the said amount of dividends and also endorsed a share buyback program worth P250 million.
The share buyback will cover a period of two years. The program is also seen to benefit shareholders while building up treasury shares for the company’s Employee Stock Option Plan.
Companies pursue buyback programs when they perceive shares are trading significantly lower than their intrinsic value. On Friday, CLI shares closed at P4.71 each, 0.86 percent higher than the previous close.
“We are confident that offering stock options will allow us to retain and to attract the best talents,” Cebu Landmasters Chairman and Chief Executive Officer Jose Soberano 3rd said.
“Our growth has been exceptional and we have a strong pipeline of VisMin (Visayas and Mindanao) projects where real estate demand remains high. CLI is well positioned to deliver outstanding shareholder value,” he said.
Cebu Landmasters is confident it would surpass its P1.2 billion target net income in 2017 on the back of strong sales coming from several projects.
Last month, the company launched two new developments strategically located in Negros Occidental that will add 1,615 units to its total portfolio.
For this year, Cebu Landmasters is targeting to book P7 billion in reservation sales as it plans to roll out more developments across the country, banking on the government’s accelerated spending on infrastructure.