The offer included two subseries, Series A-1 and Series A-2, with the shares listing on the Philippine Stock Exchange on April 12, 2024. Proceeds will be used for the Visayas and Mindanao-focused property developer’s expansion plans and other corporate needs.
“The success is a strong indicator of the growing market trust and confidence in the company’s proven track record and stellar performance,” CLI chief financial officer Grant Cheng said in a statement on Friday.
“We have exceeded our fundraising targets through this follow-on offering, and now we are making strategic decisions on how to allocate these fresh funds that will fuel CLI’s strong expansion plans and several exciting projects,” he added.
Investors responded positively to the attractive dividend rates of 7.585 percent for Series A-1 and 8.25 percent for Series A-2, the developer said.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
