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Landmasters caps day 1 on high note

June 5, 2017

om Sunstar Cebu

HOMEGROWN developer Cebu Landmasters Inc. (CLI) debuted on the Philippine Stock Exchange (PSE) yesterday, with its shares closing at P5.16 or about 3.2 percent over its offer price.

In a disclosure to the Philippine Stock Exchange (PSE), CLI said it sold 505 million shares by primary offer and 75 million shares through an over-allotment option, bringing the total offer size to P2.9 billion.

The company’s shares opened at P5.20, higher than the offer price of P5. In the next three years, CLI founder Jose Soberano III said, the company will spend P12 billion to finance its housing and related real estate projects in the Visayas and Mindanao. “I am happy with this closing price for our first day of trading activity and my hope is that it will do well in the market,” Soberano said in a text message to SunStar Cebu.

“I feel that with Cebu Landmasters now a publicly listed company, the hard work is just about to begin. This means that our CLI team will double our efforts to really be deserving of the confidence entrusted to us by our investors.”

The 13-year-old company, which built its first housing project in the southern Cebu town of Balamban, has already built a total of 28 projects, including completed, ongoing, and newly-launched projects all over the Visayas and Mindano.

Recently, CBRE Philippines identified CLI as the leading local real estate developer in Metro Cebu. The company has shown strong fundamentals, with yearly net income growing at 150 percent on average in the last five years.

Soberano said yesterday that he believes 2017 “is going to be a banner year for Cebu Landmasters, and we look forward to our expansion moves bearing fruit in the months ahead.”

“With the capital raised from this initial public offering, I am optimistic that Cebu Landmasters will be a more competitive player in the real estate sector in the Vis-Min area, especially as it pursues land acquisition and embark on more developments. I also hope that the success of Cebu Landmasters’ IPO will encourage more companies who are based in Visayas and Mindanao to consider raising their much needed capital through the stock market,” PSE Chairman Jose T. Pardo said in his welcome remarks during the listing ceremony.