PROPERTY developer Cebu Landmasters, Inc. (CLI) entered a P3-billion notes facility agreement with BPI Investment Management, Inc. (BIMI) to partially fund the P12-billion capital expenditure (capex) set for the year.
“We fully intend to live up to our obligations and ensure mutual value and success for our investors,” Beauregard Grant L. Cheng, chief finance officer at CLI, said in a statement on Monday.
CLI earlier announced that it would use this year’s capex to fund the development of its new projects.
Proceeds from the notes will be used to finance the company’s portfolio expansion to create a mixed-use 300-room dormitory-hotel business in Cebu City and other projects in Visayas and Mindanao.
Some of the proceeds will be used for the construction of the company’s 100-hectare reclamation project for its Cebu-based techno business park.
The deal was arranged by BPI Capital Corp.
“CLI is grateful to BIMI and BPI Capital for their trust in our business. We look forward to a long and fruitful partnership that will bring shared value to all parties,” Mr. Cheng added.
Shares of CLI at the stock exchange went up by 1.37% to P5.90 each on Monday from P5.82. — Keren Concepcion G. Valmonte
Published in BusinessWorld Online