Ovialand Inc. has received financing from Security Bank Corporation, the largest independent bank in the country.
Under the terms of the agreement, SB Capital Investment Corporation, the wholly-owned investment banking unit of Security Bank, solely arranged the issuance of the P600 million loan facility that was fully taken up by Security Bank.
Ovialand intends to use the proceeds of the financing to pursue its expansion plans, which include developing new horizontal residential projects in existing and new markets in the Philippines and increasing the size of its land bank.
2022 stellar performance
"We are pleased to partner with SB Capital and Security Bank as we attempt to achieve new milestones in our history. Ovialand is enjoying a stellar performance in 2022 despite current economic headwinds, and this financing package from Security Bank will enable the company to be more aggressive in realizing its growth potential," Pammy Olivares-Vital, president and CEO of Ovialand, said.
SB Capital's president, Virgilio Chua, echoed the sentiment as he is confident that bigger things are in store for Ovialand.
"We are greatly appreciative of the trust provided to us by Ovialand in arranging this facility that will be crucial to its growth. We believe that this transaction will ripple into bigger and better capital raising exercises and we are excited to partner with Ovialand in such efforts."
Ovialand is currently one of the leading residential developers in the premium affordable housing market in South Luzon through its expansive portfolio in Batangas, Laguna, and Quezon. The company recently launched the sale of its developments in Santevi, its third project in Laguna.
