P1.4-B Cityland CP sale gets SEC nod

Listed Cityland Development Corp. on Wednesday said it has secured regulatory approval from the Securities and Exchange Commission (SEC) for its registration of P1.4 billion worth of commercial papers.

Cityland told the stock exchange the SEC has allowed the business to offer securities on Wednesday following a commission meeting the day before.

The high-rise developer earlier said it will use the sale proceeds from P1.4 billion worth of securities to finance its funding requirements.

The Cityland Group generated P385.18 million in net income in the first half of the year, 41.26 percent higher than 2018 figures owing to 22.35 percent higher consolidated revenues totaling P1.25 billion.

Among the projects sold by Cityland as of end-June include the 24-story Pioneer Heights 1 in Mandaluyong, the 40-story 101 Xavierville in Quezon City, the 27-story Pines Peak Towers I and II in Mandaluyong, the 40-story Grand Central Residences in the same city, and the Makati Executive Towers IV and III in Makati City.

Cityland shares were being sold for P0.87 apiece as of 11:42 am on Wednesday, up 1.16 percent.