The Securities and Exchange Commission (SEC) has moved Arthaland Corp. closer to offering 166 lease agreements tied to two of its major office developments, subject to the property developer completing several regulatory requirements.

In a disclosure on Tuesday, Arthaland confirmed that the SEC en banc on 15 September approved its amended registration statement covering the offer and sale of 166 lease agreements under its Consolidated Leasing Agreements for the Cebu Exchange and Savya Financial Center projects.

“Immediately following full compliance with the foregoing requirements, the Registration and offer and sale of One Hundred Sixty-Six Lease Agreements under the Consolidated Leasing Agreements in the Cebu Exchange and Sayva Financial Center Projects, shall be declared effective by the Commission through the issuance of an Order of Registration and Permit to Sell Securities,” it said in the disclosure.

Before the offering can proceed, Arthaland must submit a revised SEC RENT Form showing the breakdown of investment contracts between securities issued and outstanding and those that remain unissued.

The company must also submit its final prospectus, amended consolidated unaudited interim financial statements as of 31 March incorporating the SEC’s findings on its interim cash flow statement, and updated financial information particularly covering cash flows.

Under SEC rules, Arthaland must commence the sale of the securities within 10 business days from the effectivity of the registration statement.

The company must also notify the regulator within three business days after the completion or termination of the offering, stating the number of securities sold and whether the investors were individuals or corporations.

The SEC said the prospectus cannot be used until appropriate amendments are filed if there is a material change in the information contained in it, a material event requiring disclosure, or if the financial statements become more than 225 days old.